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Where there’s a will, there’s a need for a change

On Behalf of | Oct 31, 2019 | Estate Planning |

You want to continue providing for your family after you’re gone, so you made a will to make your well-laid plans known. But if you can’t remember the last time you looked over your will, the time is probably now.

You’re already ahead of 66% of the American population if you have a will in place. But not that far ahead if you’ve never amended it. Life changes come fast, and if you don’t make sure your will stays updated, you might be leaving it to the courts to handle what happens to your adrift affairs.

Refreshing testaments

Updating your will can be essential to make sure your will carries your precise wishes. Checking back in on your intentions after changes can give you extra peace of mind:

  • Family: Your family can dramatically change over the years. While Massachusetts state law is generally clear on where the money goes regarding family, you’ll have to outline anything outside the norm. Any assumptions you make could result in important beneficiaries being left out, like unadopted stepchildren, parents or siblings.
  • Circumstances: Stay on top of your will over the years to update all the legal allowances you made. Representatives, guardians, and executors may all need an update as people grow up, grow old and grown apart. Laws affecting your assets can also change, so make sure your trusts are all up to date.
  • Investments: We sometimes bookmark our biggest moments in life by our major investments, like a new house, an expanding business or a big move. Make sure your will reflects your new and changing assets accordingly.
  • Health concerns: A living will can be ideal for handling your medical care in case you’re incapacitated. But your health history and condition can change quickly, so having updated directives laid out can be paramount if it’s ever needed.
  • Periodically: You should revisit your will from time to time without any seemingly substantial life changes. Maybe after you look at your will, you’ll realize you did experience some big events, acquire some valuable new assets or you might spot something you overlooked before.

Keep your will up to date to make sure all your assets go about their proper purpose of looking after your beneficiaries. Maintaining your will at regular intervals will make your family’s life a little easier when it comes time to carry out your final wishes.