Nothing in life stays the same for long - people come and go in our lives and so do events.
Some life events affect us more than others, some change us for good. Making provisions in light of these life changes is an essential component of good estate planning and leaving your assets to those you intended to.
While there is no bad time to begin discussions with an estate lawyer, after a major life event it is particularly critical to put these changes in writing.
Here are three life-changing events that should inspire you to consider amending your will.
Whether it is your first marriage or your third, getting married should affect who the bulk of your estate goes to upon the event of your death. In most cases, you will want to make provisions for your new spouse and ensure your will is up-to-date.
In fact, marriage revokes a valid will, so it is imperative to contact your estate lawyer to redraft your will.
In trickier situations, where you have previous spouse(s) and children from other relationship, you should seek advice around how the new spouse fits into existing arrangements. This can help to avoid any will disputes in the future.
One of the most special times in anyone's life is the birth of a child. This is also an important time to consider your will and how your estate is structured.
Until they become legal adults at 18, you will need to make sure the well being of any children is looked after in the case both you and your spouse die. Talking to family and friends about who would be willing and able to be responsible for your children is an essential part of the estate planning process.
As well as this, any subsequent additions to the family should also be recognised in updated versions of your will.
Buying a house
In today's house shortage, buying a house is an important investment. It will probably be the most expensive purchase you ever make, so putting appropriate provisions in place is essential.
The value of your home will likely increase over time, which is why you should discuss the investment with an estate lawyer. An experienced lawyer can ensure the property is held and is passed onto your beneficiaries on your death.
For more information about what special life events you should incorporate into your will, contact an estate lawyer at Craddock Murray Neumann.