Why You Should Update Your Will Regularly
Making a will is a very important part of estate planning. While creating a will is a great first step, it’s also essential that you update the will on a regular basis so as to ensure that the details of the will match your current situation and desires. If you are searching for the right time to update your will, there are a variety of situations that call for making changes to a will, all of which you should consider.
Changes In Your Level of Assets
If ever your general estate goes through a large decrease or increase, you will likely need to make some changes to your will in order to account for these changes. These changes include any type of buying or selling of a major asset. If you have a new pension plan or insurance policy, you will want to add beneficiaries for these accounts to your will.
Changes In Family and Relationships
The most common situations that call for making changes to your will are ones where there have been changes in your family or relationships. Maybe you no longer want to leave your car to a certain beneficiary or one of your beneficiaries has recently died themselves. Whatever the reason, it’s important to update your will whenever necessary. There are also major events in life that you might want to update your will to account for, which include marriages and births.
Changes With Both State and Federal Tax Laws
Both federal and state tax laws change on a regular basis, which could create issues with your current estate plan. An attorney will be able to assist you in identifying whether or not any changes in tax laws could affect you. You might also want to update your will to try and avoid probate, which is a lengthy process that involves your estate being taken through a probate court. In order to identify which changes you can make that will allow you to avoid probate, consider speaking to a probate attorney in Las Vegas.