Creating a will helps protect your family and belongings after you’re gone. But life doesn’t stand still after you sign those papers. As your environment and circumstances shift, so should your estate plans.
Below are five significant life changes that necessitate reviewing and updating your last will.
Getting married or remarried
In Georgia, your new spouse automatically gets certain inheritance right, but without an updated will, they might not receive what you intend. Inheritance can get even trickier with second marriages if you have children from a previous relationship.
Welcoming children or grandchildren
The arrival of children or grandchildren represents a perfect time to revisit your estate plans. Your will should name guardians who would raise your children if something happened to you.
It’s also a good idea to set up trusts or other ways to manage money or assets for your children while they are still too young to handle it themselves.
Major financial changes
Your will should change with your financial situation. This includes when you:
- Buy a house
- Sell your car or other property
- Start or sell a business
- Receiving a large inheritance
- Buy new insurance policies
These changes affect what you can leave behind and might require new plans for the remaining assets.
Relationship changes
Similarly, it’s ideal to update your will when your relationships change. Aside from marriage and childbirth, it’s good practice to review and revise wills after a divorce, family conflict or death in the family.
Additionally, regularly check if the people you chose as executors or guardians are still available or willing to do it.
Moving to Georgia from another state
If you moved to Georgia with a will created or notarized while living in another state, have a local attorney look it over. While Georgia usually accepts out-of-state wills, our state has rules that might affect how your will works.
Protect your legacy with timely updates
It’s a good habit to review your will every three to five years, even if nothing major happens. Remember, outdated wills may distribute assets differently, leading to will contests and possibly longer probate process.
Working with an estate planning attorney can help you make the right will updates to protect your assets and those who matter most to you.