Many families may see estate planning as a task that they perform once. However, a family’s circumstances may change over the years. People should update their will so that it always reflects their current situation.
There are several reasons why families may need to make changes to their estate plans. FindLaw says that California has its own requirements for estate planning documents. If people have just moved to the state, some aspects of their will may not meet these guidelines. Additionally, the legislature may issue updated estate laws. People may need to amend the document so that it remains valid.
Serious life changes
People should review their will whenever their circumstances change drastically. According to Money Crashers, marriage and divorce are two life-changing situations. After a marriage ends, people need to choose new beneficiaries for their assets. If people remarry, they need to include their new spouse in the will. If they do not update this document, their former spouse may still inherit their possessions. Additionally, parents should amend their will whenever they have a new child.
Changes in the executor
Over time, people may need to choose a new executor of their estate. Their first choice may grow too old to carry out these duties or this person may no longer be willing to act in this capacity. Additionally, relationships can change and a family may no longer be close to their executor. In this situation, they need to list a new person to perform these tasks.
Updating the will may seem like a difficult process. However, making these changes ensures that the document is ready when people need it.