Reasons Why YOU May Need to Update Your Will

Having your will made may feel like a major undertaking, but with the proper legal help it doesn’t have to be overwhelming at all. Once you have your will made, it is also important to keep it updated. Many people put it away and don’t think about it once they have it drawn up. But there are several life circumstances that will trigger a need for you to update your will. Usually those are circumstances that keep you pretty busy and the last thing you think of is having your will updated. So we wanted to give you some ideas in today’s blog so you can be prepared and recognize when it’s time to update your will.

Having a Child

Having a child can change a lot of things, and it definitely will affect your estate planning. It may trigger you into thinking about things like life insurance, and also your will. Even if you already have children, when you have another child you want to make sure they are included in your will and your estate plan.

Your Child Turns 18

When your child has their 18th birthday, they will legally be considered an adult. So, when your child is approaching their 18th birthday and getting ready to graduate, make an appointment with your estate planning attorney Lake of the Ozarks to make sure you have considered how that will affect your will and estate plan. For instance, you will no longer need to include plans for guardianship for your adult child past their 18th birthday. 

Grandkids

Once you experience the joy of having grandchildren, there’s no doubt you’ll want to include them in your will. This can include financial assets, and sentimental heirlooms. If it is your wish that grandkids receive certain parts of your estate, Gibbons Law Firm can make sure they are included in your will and your wishes are known.

Change in Beneficiary

If something happens to your beneficiary, and they pass away, you will need to update your will to name a new beneficiary. That can be a very sad and devastating situation, and we will help you through that with understanding and compassion at a time of loss for you.

Charity Donation

If you have become very involved with a charity organization since your will was last drawn up, you may want to update your will to include that charity in your estate plan. That is definitely something that we can help you with.

Keep Your Will Up-to-Date

Life changes happen, and some of them will affect your estate planning and choices regarding your will. It’s easy to let a will become outdated, life is busy and it’s not exactly the first thing we think about every day. But that is why we wanted to share this blog with you. Just having it top of mind that when certain situations happen in life, you should give us a call to bring your will up-to-date at Lake of the Ozarks. It doesn’t have to be complicated, in fact, we make it easy for you. So, if you have experienced one of these life-changing circumstances since the last time you updated your will, give us a call and we’ll get you taken care of. If you enjoyed this blog and would like to hear more tips and information from Gibbons Law Firm, we have links to our social media channels below so you can follow us on your favorite platform.

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

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Gibbons Law Firm

2820 Bagnell Dam Blvd, Suite B4

Lake Ozark, MO 65049

(573) 348-2211

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What Life Changes Might Cause You to Need to Update Your Will?

Unfortunately, too many people put off even having a will made. Then once they do, they put it away and don’t think about it again. But if your will is not up-to-date, it can be almost as bad as not having a will at all. You know that if something happened to you, it would be devastating for your loved ones. The last thing they need to think about is how your assets should be divided or having to go through probate. Our estate planning attorneys in Lake Ozarks can help if you do not have a will or have not had it updated.  You don’t have to put it off. Because Gibbons Law Firm knows how important it is to have a proper and accurate will, we wanted to talk about a few life circumstances that might trigger your need to update your will. If you want to be prepared and know when to recognize it’s time to update your will, just keep reading this blog.

Getting Married

If you already have a will in place when you get married, you may have other relatives listed as beneficiaries. Once you get married, you may want to make some changes.

Having a Child

It’s so easy to forget, with all the things you have to think about when you have a newborn. But it is important to make sure that your will reflects your current life situation and includes (all) your kid(s).

Kids turning 18

When your child has his/her 18th birthday, their legal status changes in some ways. That means it is time to sit down with your attorney and make the relevant updates to reflect your child’s new status as an adult.

Having Grandkids

When you have grandkids, you may want to include them in your will and make sure they get certain assets of yours. Our estate planning attorneys in mid-Missouri can help you make sure they are included and your wishes are known.

New Charity

If you have become very involved or dedicated to a charity or cause since you updated your will last, you may want to include them in your estate plan. Many wonderful charities are able to survive and continue doing good work because of donations they receive from estates. If you have a cause you care deeply about, we can help you include them in your will. 

Beneficiary Dies

This is a life event where thinking about your will is the last thing on your mind. Usually, people appoint someone they are very close to you as a beneficiary, so the passing of that person may be very devastating. You can trust Gibbons Law Firm to help you with that update with compassion and consideration for what you are going through.

Let Us Help You Get Your Will Up-to-Date!

These are just a few examples of situations in life that should remind you to talk to your attorney and review your estate plan. Life changes and your will should too. That’s why Gibbons Law Firm is here. Whenever you have questions about estate planning or updating your will at Lake of the Ozarks, feel free to give us a call! We know how important it is, and we are proud of you for taking that step to look out for those you care about. If you would like to hear more tips and information from our law firm in Lake Ozark, be sure to follow us on social media!

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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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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