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When should a person update their will?

When should a person update their will?

On Behalf of | Dec 17, 2021 | Simple Wills, Wills And Trusts

There are many events in the lives of New Jersey residents that can make people think about the future and the plans they have created. When they change or end relationships, when they go through health challenges, and when they welcome new members to their families, they may get to reevaluate the plans they had made. When these types of events occur, individuals may also need to update their estate plans.

One common form of estate planning device is a will. As some readers may know, wills do not have to be complicated legal documents. They should, however, reflect the wishes of the people who create them and accomplish the goals set forth in them.

Understanding the purpose of a will

To know when a will should be updated, a person should know what a will can do. Generally, wills let people decide how they want to distribute their property when they die. If they do not have wills in place, laws can dictate how and to whom property is passed.

Life events that may precede will changes

As mentioned, many different life events may lead individuals to reconsider the testamentary plans they have made. One major event that can change estate planning and the terms of executed wills is divorce. An individual who is no longer married to their former partner may want to quickly change their will to remove their ex from it.

Another event that may push a person to change their will is changes in one’s family structure. When children are born, when relatives become alienated, will plans may no longer be relevant. An up-to-date will can ensure that a person’s must current wishes are followed.

Having an estate plan is a great way to protect one’s interests and future. There may be times, though, when an estate plan needs updating. Trusted legal advisors can offer guidance to see these types of modifications through.

 

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