The importance of keeping your last will and testament updated

by | Dec 9, 2016 | Estate Planning |

Having a will in place is one of the most important things you can do for your heirs. A will provides written instructions as to how you want your property distributed after your death. In addition to addressing property division amongst your surviving heirs, a will also appoints an administrator to see to the settling of your final bills and debts as well as handling any tax issues that may arise.

Due to the amount of items covered in a will, the document itself can be very complicated to draft. In general, it is advisable to seek advice from a Wisconsin attorney experienced with estate planning when creating a will. Keeping your last will and testament updated is also extremely important, especially in instances of marriage, divorce, and having children.

Changing your will

You have the power to change your will as many times as you like. Changes can be made either through an amendment to an existing will or you can make an entirely new one. Very often, amendments to an existing will can become burdensome, making your will convoluted and hard to follow.

If it seems that you may have excessive amendments, it is better to create a new will. Keeping your will clear and easy to interpret will make its execution far easier than if there is room for misinterpretation of your wishes.

Reasons for change

There are several situations in which changing your will would be wise.

After getting married, both you and your spouse should each create new wills. Doing so allows you both to put in writing what proportion of your estate your spouse is entitled to inherit. Creating new wills at this time also enables you to redistribute property amongst any other beneficiaries as well.

Having children is another reason to make changes to your will. When you welcome a new child to the family, you want to ensure the child is represented in your will. Making estate planning changes at this time also allows you to appoint a guardian for your child in case you pass before he or she reaches adulthood.

Acquiring new property or assets is yet another important reason to make changes to your last will and testament. You may want your new property to go to one beneficiary, or you may want it to be distributed in a particular way. Be sure to specify percentages of division amongst your heirs when making changes to your will.

Estate planning is very important when it comes to how you want your property managed after your passing. Contact a local Wisconsin attorney today to find out how you can plan for the future of your spouse and children. 12% passive voice, 58 reading ease and 10 grade level. All good in this regard.


FindLaw Network