A will serves as an important document in outlining how your assets are after your passing. While you might not give yours much thought on a daily basis, it should come into focus any time you experience a major life change.
Following certain significant events, it is wise to review and update your will to accurately reflect your new wishes.
Marriage or divorce
In the year 2020 alone, there were over 26,000 weddings and nearly 12,000 divorces in Wisconsin. If you undergo one of these pivotal life events, bear in mind the impact they have on your legal and financial affairs.
When you tie the knot, it is important to update your will to include your spouse as a beneficiary. Conversely, if you experience a divorce, revising your will becomes necessary to remove the ex-spouse from any designated roles or inheritance. Failing to update your will after such changes may result in unintended consequences, potentially leaving your assets in the wrong hands.
Birth or adoption of children
The addition of new family members, whether through birth or adoption, is a significant life change that necessitates a review of your will. It is important to clearly specify how your assets transfer to your children, providing for each child according to your wishes. Failing to update your will in the face of new family dynamics may lead to complications and disputes among heirs.
Changes in financial situation
Fluctuations in financial circumstances occur throughout your lifetime, and these changes can impact the distribution of your assets. Whether you experience a windfall, such as an inheritance or a successful investment, or face financial challenges, it is essential to reflect these changes in your will. Adjusting the beneficiaries and the allocation of assets based on your current financial situation ensures that your wishes align with the reality of your estate.
Regularly reassessing your will guarantees that it remains a true representation of your intentions and helps prevent potential complications or disputes among your heirs.