A Will is a legal document that directs how your estate will be distributed after you die. Yet, according to a recent survey by Caring.com, 68% of Americans do not have a will. The chief reason given was because they do not believe they possess enough assets to leave anyone. An additional 8.6% who have a will have not conducted a periodic review of their Will. Wills need periodic examination because shifts in family dynamics, financial circumstances, and even the legal landscape are regular occurrences.
Take this opportunity to review and update your will.
5 Reasons to Update Your Will
Life is Unpredictable
Children grow, relationships evolve, and financial fortunes fluctuate. These life changes necessitate revisiting your will to ensure it still manifests your current wishes and provides clarity for your loved ones during a vulnerable period. Dying during or after these life changes without including them in your will adds more stress to the grief as loved ones scramble to account for the outdated will.
Beyond Personal Evolutions: Laws and Policy Change
The legal realm is not stagnant either. Pennsylvania periodically enacts new laws impacting inheritance and estate planning. Staying apprised about these changes and incorporating them into your will make certain your wishes remain legally sound and enforceable.
New Pennsylvania Inheritance Regulations
Recent legislation may have implications for your estate plan. For example, changes concerning homestead exemptions or spousal rights could necessitate changing your will to align with the updated legal framework.
Family Dynamics Changes
Did you welcome a new member to your family through marriage, adoption, or birth? Did relationships undergo unexpected shifts? Updating your will to reflect these changes, ensures accurate designation of beneficiaries and guardianships.
Financial Adjustments
Has your financial picture experienced significant changes? Perhaps an inheritance or a career milestone altered your asset distribution preferences. Update your will to adjust your current net worth and desired distribution of wealth.
How to Navigate the Revision Process
Revising your will does not have to be a daunting task. Here is a five-step model to ensure a smooth and effective process:
1. Assess Your Current Will
Examine your existing will and take a critical look. Identify obsolete clauses, beneficiaries who no longer should be included, or stipulations that no longer align with your wishes. Make note of provisions needing revision or replacement.
2. Consider New Priorities
Reflect on your life changes and current goals. Do they influence how you want your legacy to be handled? Incorporate any newly recognized priorities into your revised will.
3. Gather Relevant Information
Compile all necessary documentation, including bank statements, insurance policies, investment records and property deeds. These documents will be key for your lawyer to draft an accurate and comprehensive will. Knowing what assets you have will also enable your lawyer to ensure you are adequately protecting your assets and minimizing any costs associated with passing your assets to the next generation.
4. Seek Professional Guidance
Engaging an experienced estate planning attorney in Pennsylvania is vital. They can traverse the legal complexities, ensure your will complies with current laws, and provide personalized guidance customized to your specific situation.
5. Communicate with Beneficiaries
By opening communication with your designated beneficiaries, you can prevent future misunderstandings and ensure everyone is aware of your wishes. Sharing the key provisions of your updated will cultivate trust and clarity amongst your loved ones.
Conclusion
Updating your will is not just a legal procedure; it contributes to peace of mind for yourself and your loved ones. By taking the time to re-examine and update your will to address life changes, you update the plan for your bequest, ensuring your assets are distributed according to your wishes and avoiding potential conflict in the future. Revisiting your Will delivers clarity, security, and a renewed sense of control over your future.