Tuesday, March 20, 2018

Life Changes... and So Should Your Will

Updating your will is an important task, although many individuals don't do so. It's not something that people think about often but should be done on a regular basis. There are many changes that take place in one's life and they typically call for updates to a will. A number of factors in your life can directly affect your will. It's important to keep this document up to date as often as possible. Our Lake of the Ozarks law office can help keep your will updated. If you've gone through life changes recently, it's time to make changes to your will. We can help you make any needed amendments to your will. Below you can find examples of life changes that may call for changes to be made to your existing will.

Beneficiary is Deceased

When a loved one passes away, your will may be the last thing on your mind. It's important to make a change in your will if someone who you have named as a beneficiary has passed away. You can always have these funds passed on to the individual's beneficiary.

Growth of Family

Whether you have a child or adopt, this new family member may need to be added to your will. If you intend for your assets to be split between your kids, you need to include the names of said children. This can help to protect your child or children, should something happen to you. You will also want to include WHO will gain custody of your kids, should you pass away.

Children turn into an Adult

Once your kids enter into adulthood, you may want to make changes to your will. Many times individuals will set a guardian until the child has reached the age of eighteen. After your child reaches this age, they will be able to take care of themselves and do not need a legal guardian. Your will can be changed to take off guardianship of your kids after they are adults. You may also have your assets set to disperse differently after they have reached adulthood.

Change in Marital Status

Your will should state specifically who you wish to receive your belongings. An update should be made if your marital status changes. Whether you get married or divorce, this life change can have a big impact on your will.

Change in Assets

If you experience a significant increase or decrease in income, you may want to update your will. An increase can actually leave your beneficiaries with a higher tax burden if you have not planned accordingly.

The only thing you can expect in life is the unexpected. That's why keeping your will updated is so important. Whether you want to change a beneficiary or have updates to make to financial totals, it's important to keep your will as up to date as possible. Your will can help carry out your wishes after you pass. Make sure your property and other assets go to exactly who you wish with an updated will. If you're looking to make changes to your will, contact Gibbson Law Firm today. We can help update your will and ensure your wishes are carried out. Remember, your initial consultation with our Lake of the Ozarks law firm is free!

Remember, your initial consultation with Gibbons Law Firm is always free.

Your Trusted Legal Resource

Gibbons Law Firm
2820 Bagnell Dam Blvd, Suite B4
Lake Ozark, MO 65049
(573) 348-2211

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