If you own property in Georgetown or elsewhere in Williamson County, you probably already have a will to ensure your assets pass smoothly to your heirs. However, the will you wrote 10 or 20 years ago may no longer be relevant. As you grow your wealth and your beneficiaries change, it is necessary to update your will. In fact, there are multiple reasons why you should update the information in your will or estate plan.
There are various life events that should serve as a cue that you need to make some changes to your will. If you fail to do so, you cold leave a mess that your family will have to sort out when you pass away.
You receive a large sum of money
If you suddenly receive an unexpected large sum of money, such as winning the lottery or receiving a large inheritance from that wealthy uncle you haven’t seen in years, it might be time to update your will. While you may want to leave everything the same, you may decide to leave part of your estate to an additional beneficiary like your favorite charity or maybe your university alma mater.
If you plan to divorce, prepare yourself to update your estate plan and will. Once the judge signs off on the divorce decree, you probably do not want any of your remaining property to go to your ex-wife. By making the necessary changes to your will, you can help your heirs avoid an ugly court battle if your ex tries to contest the document.
Death of spouse
Also, if your wife passes away before you do, this is a good time to update your will. Without your spouse as a beneficiary, you may want to change the way your estate distributes your assets to your remaining beneficiaries.
Wills and other estate planning tools are incredibly valuable when it comes to protecting your assets and your heirs. However, if you do not keep your will updated, it could cause some serious problems for your beneficiaries after you pass. If any of the above life changes have occurred, take the time to make the necessary changes to your will.