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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Wills VS. Revocable Living Trusts

When it comes to estate planning, everyone should do it, plain and simple. Our attorneys at the Lake of the Ozarks want you to have your say on what happens to your assets when you are no longer able to express your feelings and proper estate planning is the best way to do that. That being said, there are different solutions for different situations when it comes down to it. Keep reading this week's blog to learn what a Will and a Revocable Living Trust are and the difference between the two. We understand that this may sound a bit complex, so if you have any questions, please do not hesitate to give us a call. You can even schedule a consultation with us, your first one is free. Gibbons Law Firm can be reached at 573-348-2211.

Wills VS. Revocable Living Trusts

What Is A Revocable Living Trust?

A revocable living trust is an alternative estate planning tool. 

How Is It Similiar To A Will?

• With the exception of appointing a guardian for your children, it serves many of the same purposes that a will does - that is, it can be used to identify who should inherit your assets. 
• Revocable living trusts allow for much greater detail and control in the planning process, however. For example, you can choose at what age your wish your children to inherit your assets (such as 25 instead of the "default" age of 18).
• A revocable living trust can also be used to appoint a trustee and/or power of attorney to manage your assets, healthcare decisions, and other important responsibilities in the event that you become incapacitated.

How Does It Differ From A Will?

• A revocable living trust is often more expensive and more time-consuming to prepare than a simple will, but it helps make up for the additional cost by allowing your estate to avoid probate. 
• Instead of being tied up in probate procedures for months or even years, your assets should be able to be distributed directly to your heirs. 
• Another advantage of a revocable living trust is that it remains private after your passing - it does not become public record like a will does.
  
  

What Is A Will?

A will is an estate planning tool that allows you to identify who should inherit your property after you pass away.

How Does It Differ From A Revocable Living Trust?

• It is relatively inexpensive to prepare, but it does not prevent your estate from being passed through probate after your death, which can be an expensive as well as time-consuming process. At the time of your death, your will becomes public record.
• One of the most important uses of a will is to appoint a guardian for your children under the age of 18 in the event that something unexpected should happen to you. A will is the only estate planning tool that can be used for this purpose. Minors cannot legally own property, so if you wish to leave property to children under the age of 18, you will have to appoint someone else to manage the property until your children's 18th birthdays.
  
  

What Are Your Estate Planning Needs?

After hearing the differences between Wills and Revocable Living Trusts, which, if not both, do you think is more appropriate for your specific situation? Not sure? That's where we come in. Call our estate planning attorneys in Lake Ozark today. We can be reached at the phone number listed below. We are also constantly trying to stay in touch with our clients via social media. Be sure to follow us on our platforms listed below.

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

Follow us on...

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