Use This Checklist to Review Existing Wills and See if You Need Your Will Updated
Years ago, you made your will, perhaps since you got married, had children or bought your home. You put your will away some place safe. Maybe it is with your lawyer if you used one to prepare your will.
It’s time to find your will and check if it still makes sense.
First off, can you find your original will? It’s the only thing that counts. Go ahead. Look for it.
Read your will and see if it stands up to the test of time.
Make sure you have covered these potential problem areas. If you haven’t, you should update your will. Carefully review any will that is older than 10 years.
Check if your will provides for:
• Your spouse’s rights to property and support
• Changes in your marital or spousal status
• Special needs children, spouses and dependants
• Business interests and tax issues
• Benefits for charitable causes and pets
• Guardians and trusts for minor children
• Backup executors, and backup beneficiaries
• Changes of jurisdiction
Out-of-date wills are mistakes that you can avoid.
Don’t wait until doctors tell you to get your affairs in order to revise your will. Take steps to protect your property and loved ones.
When Should You Make Your Will?
Typically, you need wills when you marry, have a child, buy a home and start a business. These events are material life changes. Other events include divorce, separation, and the death of a partner, parent or friend.
You’ll also need to be an adult in good mental health. Illness, medical and drug treatments can affect your ability to make wills.
Do 20-year-olds need wills? The answer depends on many factors, including if they:
• Are married or single, separated or getting married
• Own real estate or sizeable investments
• Want to specify who inherits their assets
• Have children or health issues
• Operate a business
Statistically, not a lot of people die when they are twenty. But, really, you are never too young to make a will. It is something that you will continue to change and learn about at different stages of your life. What do I mean by that? Well, the will you make when you are single is different than the one you make after a marriage, divorce or death of a partner.
Insider Secrets to Make Wills Easy
You need to know these three things to make your will:
1. Who is to be in charge of your money (executor)
2. Who gets all your money? (beneficiaries)
3. Who are your backups (executors and backup beneficiaries)
You can be a hero to your loved ones by making your will.
Think you can make your own will without a lawyer?
Test your will if you made it yourself. Bring your will to a lawyer to assess your handywork.
Don’t leave things to chance.
This summer series of blog posts will help you make or update your wills. It may help if you have trouble sleeping in the summer heat.
My aim is to get you to make a will. Subscribe to my estate blog so you don’t miss my valuable will tips.
Posted By: Ed Olkovich In: Estates, Wills On: July 30th, 2018