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Why there is a need to update your will

Putting together an estate plan is an intimidating and scary process. Since the topic inherently means that you have to contemplate your own death (and what comes after), it can be difficult to get started. However, having an estate plan is absolutely critical for safeguarding all you have worked for throughout your life. It protects you, your family, and your loved ones from potentially unfortunate circumstances where assets in your estate don't go to the people who deserve them simply because you lack an estate plan.

In order to secure your estate, a will is critical. And once you have a will, you need to update it frequently -- otherwise you risk your last wishes not reflecting your actual ones.

So what are we talking about here? Well, consider some of the following situations:

  • Have you gotten married or divorced? Well your will should probably reflect the fact that you have a spouse now, or that your former spouse is no longer your spouse. This would greatly affect your estate if you passed away before making these changes.
  • Have you had children, grandchildren, or have your kids turned 18? All of these circumstances greatly affect their inheritance and your estate plan, so making changes is necessary in light of these life events.
  • what if the state laws change in regards to estate plans? Or what if your estate drastically changes in value? These are situations that warrant a review of your estate to ensure you are compliant and/or your estate is appropriately organized.

Source: FindLaw, "Checklist: Reasons to Update Your Will & Estate Planning Documents," Accessed Dec. 19, 2017

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