So you finally got your Will done; you feel good about it; everything is set.
WAIT! It is not over. Why? Life changes; situation changes and people change. You want your Will to reflect your updated situation. Here are times when you should update your Will.
-1- You are having your first child
The change is to name a guardian for your child, and who will serve as trustee for any trust created for that child by the will. The will should be flexible enough to accommodate the possible birth of future children.
-2- You are thinking about or planning to get a divorce
Yes, change your will BEFORE you file for divorce. Remember that your spouse has marital rights to a portion of your estate if you die without completing the divorce proceeding. And once you file for divorce you often can’t change your will until the divorce is finalized.
Executing the will before you commence the divorce ensures that your spouse will not receive all of your money if you die before the divorce is complete.
-3- You have gotten a divorce
Now that you are divorced, update your will so that your former spouse no longer has any legal rights to your estate (unless they do as one of the terms of the divorce).
-4- Your beneficiary gets a creditor or substance abuse problems
What should happen if the person you are leaving things to gets addicted to drugs -opiods, prescriptions drugs, etc. Or if that person accumulate large debts and credit issues. You should update your will to include a trust that allow a third party to only distribute funds under the correct circumstances. Create this will as soon as you suspect there is a problem, since a trustee will be able to assess these problems with more certainty at a later date.
-5- Your executor dies
If the person that you named as your executor of your estate dies, you should update your will to name a new executor; especially if you did not name an alternate executor.
-6- You can no longer get along with your family and friends
If your family relationship has broken down beyond repair, you should update your will to protect yourself; to specifically disinherit someone; and to make clear your new intentions. You can also add a No Contest Clause that will server to disinherit anyone that tries to contest your will.
