The Consequences of Failing to Update Your Will
If you were to succumb to old age, injury or illness tomorrow, the most current version of your will would be given to a probate judge. Assuming that the will is valid, it is what the judge would use to determine how assets should be distributed. It would also be used to determine who should look after a child assuming that a guardian was named in the document.
Failing to Update Your Will Could Leave a Child With Nothing
Let’s say that you wrote your will after the birth of your first child and declared that everything that you own goes to that person. Let’s also say that you have another child in the future who is not named in the will. By failing to update your will, he or she could be entitled to nothing or to only a fraction of what you would have wanted a son or daughter to have.
A Lengthy Legal Battle Could Result
Your spouse, children or other interested parties could all try to claim that they are entitled to a share of your estate. Without clear instructions, a judge may have no choice but to make rulings regarding those claims, and those rulings may or may align with your actual wishes. Furthermore, relationships between family members could become strained as the legal battle progresses.
Make Time to Review Your Estate Plan
It is generally a good idea to review an estate plan after a child is born, after a divorce or after any other significant life event. A probate attorney in Las Vegas may be able to help you go over your plan and make any necessary adjustments. An attorney can also be helpful in keeping the probate process on track after you pass.