A will is one of the most important documents you can have in your estate plan. It allows you to express your wishes for how you want your assets to be distributed after your death, who will be the executor of your estate, and who will be the guardian of your minor children, if any. However, having a will is not enough. You also need to update it regularly to reflect any changes in your life, your family, your finances, or the law. Here are some reasons, coming from an experienced estate attorney, as to why you should update your will regularly:
- To account for changes in your family.
Your family situation may change over time due to marriage, divorce, birth, adoption, death, or estrangement. These changes may affect who you want to inherit from you, who you want to exclude from your will, who you want to name as your executor or guardian, or how you want to divide your assets among your beneficiaries. For example, if you get married, you may want to include your spouse in your will. If you get divorced, you may want to remove your ex-spouse from your will. If you have children, you may want to name them as your beneficiaries and appoint a guardian for them. If you lose a loved one, you may want to honor their memory or adjust your inheritance plan. Updating your will can help you ensure that it reflects your current family situation and your wishes for them.
- To account for changes in your assets.
Your assets may change over time due to acquisition, disposal, appreciation, depreciation, or investment. These changes may affect the value of your estate, the type of assets you own, or the location of your assets. For example, if you buy a new house, you may want to include it in your will. If you sell an old car, you may want to remove it from your will. If your stocks increase in value, you may want to adjust the percentage of your estate that each beneficiary receives. If you move to a different state, you may want to update your will to comply with the laws of your new state. Updating your will can help you ensure that your will accurately reflects your current assets and how you want to distribute them.
- To account for changes in the law.
The law may change over time due to legislation, regulations, or court decisions. These changes may affect the validity, enforceability, or interpretation of your will, the tax consequences of your estate, or the rights and obligations of your beneficiaries, executor, or guardian. For example, if the estate tax exemption amount changes, you may want to revise your will to minimize your tax liability. If the probate process changes, you may want to update your will to avoid unnecessary delays or costs. If the laws governing wills change, you may want to update your will to meet the new requirements or take advantage of the new opportunities. Updating your will can help you ensure that it complies with the current law and maximizes the benefits for your estate and your beneficiaries.
As you can see, updating your will regularly is essential to keeping your estate plan up to date and effective. However, updating your will can be a complex and challenging task, especially if you have a large or diverse estate or if you have special circumstances or needs. That is why you need the help of an experienced and qualified estate lawyer in Charlotte, NC. An estate lawyer can help you review your will, identify any changes that need to be made, draft and execute the necessary amendments, and advise you on the best strategies for your estate planning goals. An estate lawyer can also help you with other aspects of your estate plan, such as creating a trust, a power of attorney, a living will, or a health care proxy. By working with an estate lawyer, you can have peace of mind that your will and your estate plan are in good hands.
Estate Attorney Near Me
If you are looking for an estate lawyer in Charlotte, NC, look no further than Christopher Layton at The Layton Law Firm. Chris Layton is a licensed and experienced estate lawyer who can help you with all your estate planning needs. The Layton Law Firm has helped many clients in Charlotte, NC, and the surrounding areas with their wills and other estate planning documents. They are committed to providing personalized, professional, and affordable legal services to each and every client. Whether you need to create, update, or probate your will, they can help you achieve your estate planning goals.