Last Will and Testament - Is it Time for an Update?

Marriage. Birth of a daughter or son. Retirement. Your lifetime may have many seasons. In the course of all these differing periods, your wants, goals, and long-term intentions may transform. For that reason, your last will and testament may require a revision to reflect those changes. A last will and testament is simply a set of directions to your loved ones, after you pass away. The directions could differ according to the period of life, in which you pass away. All of the following changes in personal situations might contribute to the need to update your last will and testament:


Marriage. Tying the knot can easily create the need for a modified last will and testament. Normally, after marriage, belongings are shared. The majority of resources may be titled in the names of each of the husband and wife, and as a consequence become joint property. Joint assets pass on systematically, after the passing of one of the spouses. On the flip side, non-jointly held property will not systematically go to your significant other, unless, of course, such directions are clearly set forth in your own last will and testament.

Re-marriage. A complete will update is highly recommended, with regard to the scenario associated with a second marriage. In this particular relationship, the pair is frequently more mature. Therefore, each particular person could have formerly secured some significant properties prior to the nuptials. Repeatedly, people forget about converting many of these assets into joint names. Furthermore, re-marriages often set up step-families. If such relationships aren't specifically sorted out within the last will and testament, this omission can easily result in a substantial amount of difficulties, at death when the estate is administered. It is better to set forth your own detailed guidelines involving step-families prior to your passing, as part of your last will and testament. These sort of guidelines will help make it simpler on all those concerned, during the actual time of your death.

Separation and divorce. Usually, the end of any marital relationship can be another life alteration that may result in the necessity for an updated estate plan. After the separation and divorce, your will might claim that your ex-spouse is to acquire all of your belongings or even represent your estate as personal representative, at the time of your death. It is apparent that an update should be executed in that circumstance.

Addition of children or grandchildren. Once your family unit grows, your last will and testament may need to be revisited. Once you become a father or mother, you need to select a guardian to care for your son or daughter, in the instance that you die before the child achieves adulthood. Also, you can provide guidelines regarding precisely how and by whom your resources are to be controlled, for the benefit of your offspring, subsequent to your passing. If you ever come to be a grandparent, you might want to encompass gifts for your grandchildren, within your will.

Death. The passing of an inheritor could make some changes recommended, if your existing will doesn't supply an alternate plan following the loss of the beneficiary.

This particular list is not absolutely exclusive. It simply gives you a broad set of several common factors, which may require you to update your last will and testament.

Many wills do survive the test of time. On occasion, a last will and testament continues to be suitable and appropriate, irrespective of life's changing seasons. However, it is prudent to examine your last will and testament, if you have experienced any significant life changes.

Britt E. Eaton, Esq. is a Pennsylvania licensed attorney, who offers online estate planning services at www.pawillsonline.com.