If you already have a will, you are ahead of the many Americans who have not yet taken this important estate planning step. However, making a will is not a one-time project. For this instrument to remain an effective way to distribute your property, it is vital to periodically review and update your will. An experienced attorney can help you with updating your will and other aspects of estate planning in Madison, WI. The following reasons are among the most common situations that make updating your will’s provisions especially important.
Change in Family Status
Significant changes to your family can alter the way you want to distribute your property. If you get married or have children, you likely want to add your spouse and new additions to the will. If one of the beneficiaries of your will passes away, failing to update can mean that his or her portion would go to the residuary legatee; this may not necessarily be the outcome you want. If you divorce, changing your will is among the important steps to take as you separate your finances from those of the ex-spouse.
New Laws for Wills
Updates to state and federal law can impact the effects of wills in Madison, WI in various and sometimes surprising ways. Estate law can affect the way your estate planning instruments work. Real estate, corporate and tax law, as well as other legal areas, can affect the status of the property you leave; sometimes this means you will want to change the way you distribute it.
Altered Financial Situation
If you made your will many years ago, your financial situation may have changed significantly. You may have acquired additional property and opened new bank accounts. Conversely, some of the property covered in your will may have long been transferred.
Working with a qualified estate planning attorney in Madison, WI can help you create and maintain an up-to-date plan that effectively conveys your wishes. At Horn & Johnsen S.C., we are here to help with wills and other aspects of planning your estate. Contact us online or call (608) 829-2525 to make an appointment for a free initial consultation.