Why You Should Update Your Will After a Financial Loss
Life can throw you a lot of curve balls. At bat, you swing hoping for the best. Sometimes something less than desirable happens. After a financial loss, you must consider updating your will as your financial outlook may be different than it was when first writing it.
After a financial loss, your priorities may have shifted or you may be in a position where you are less able to give the way you intended. Your life experiences provide insight, which may be different from when your will was first drafted. Your wealth that you considered initially may be different now, and you may want to ensure that particular people do or do not get what you once had drafted.
Financial Loss Impacts
After suffering a financial loss, your financial outlook most likely will change. Sometimes this requires a redistribution of funds in order to maintain your wishes as originally planned and drafted. While redistribution of your wealth due to a financial loss isn’t necessarily driven by emotion, it most definitely is driven by necessity to ensure your loved ones are getting what you want them to.
Importantly, if you financial loss is due to indiscretion by you or a family member’s actions, it is often advisable to understand if the consequences are farther reaching than first anticipated. If you’re leaving something for your loved ones, it is necessary to ensure that they are still receiving what you want them to receive. Long term wealth though giving and passing on to your children and your children’s children is a common practice. Therefore, it is always advisable to update your will after a financial loss to protect what you can.
It is always best practice to revisit your will relatively often with the help of a trust administration lawyer in Las Vegas. This allows your wishes to be documented fluidly as your life progresses. Updating, or at a minimum ensuring that your wishes still stand, is an important and necessary activity in estate planning.