Your will is essential since its stipulations impact your family, business, and legacy in your absence. The will might change based on different events, and your attorney can adjust it to suit your situation. Lawyers use a codicil to change the will, and a witness should be present. This piece examines various scenarios in which you may consider changing your will.
Major Life Events
Some events might prompt you to change the stipulations of your will. For example, the birth of your child or grandchild might encourage you to adjust the number of beneficiaries indicated in the will. In addition, you might get married and require your attorney to include the spouse or children in your list of beneficiaries. Therefore, inform your attorney about such changes promptly.
Other events might change the type of assets you own or your business interests. For example, the will might not be up to date with the structuring of your businesses. If you change your sole proprietorship business to a limited liability company, ensure the will reflects such changes. Both business structures have unique impacts on succession practices.
Migration
If you migrate from one state to another, you also change the jurisdiction of estate laws that impact your will. The migration might affect the validity of the will you make in different states. Taxation laws also vary, and you may need to restructure the will in response to such issues. Therefore, discuss your plans with the attorney and implement changes where necessary.
You may also change your will when you migrate to a different country. For example, the property you own in a foreign country must undergo a probate process before the transfer to surviving family members. You will reflect on such details and ensure that it encompasses everything you own, regardless of the country.
Financial Changes
The will requires changes when your finances increase significantly. For example, getting rich over time means your tax bracket changes. In such a case, you must make various estate tax considerations following the advice of your attorney. You may also change the beneficiaries and methods of awarding them their inheritances.
Financial problems may also prompt you to change the estate plan. For example, you may liquidate several assets for your beneficiaries to save a business. The will should reflect such changes to avoid any confusion in the future. Your estate lawyer may advise on the best assets to use for such an emergency and how to restructure your estate.
You may consider changing your will after significant life events, migration, and when you encounter changes in your finances.
Share21 July 2022
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