Post by Valley Financial Group
“You may delay, but time will not.” Ben Franklin
Nothing is more important than family, and making sure that those we love will be taken care of if the worst were to happen. There is never a bad time to review your will to ensure your family's security, but there are several occasions where reviewing and potentially revising your will should be a priority.
1. Firstly and perhaps most obviously, would be with the arrival of a new child or any other new family member who could be a beneficiary of your last will and testament. If upon your death, young children are immediate beneficiaries under your will, you will want to have addressed the idea that their inheritance should be held in trust until a more suitable age and you will want to name your choice for the guardian of their money rather than leaving it to the uncertainties of the orphan court process.
2. Secondly, if you move into a new state, check to see if your new home state has any different regulations, including but not limited to how they handle estate taxes as well as the transfer of property ownership.
3. You should also consider updating your will if you were lucky enough to come into some money recently. Maybe you had a good year at work. Maybe you won the lottery. Maybe you had a billionaire uncle you didn't know about until his entire fortune was left to you and only you. Regardless of how you earned it, a recent surge in income should at least force you to look over your will and make sure that those you care about get what they need and deserve.
4. Lastly, maybe you've had a change of heart. Most people like to work ahead of the game and draw up their will at a young age, maybe right after they get married or some other important occasion, but years down the road, there may be some significant changes in our lives that could affect what we want to leave behind and who we want to leave it to, so changing your will at any point because your mind changed is never a bad thing.
Reviewing your last will and testament will ensure that your loved ones and relatives will be safe and secure in the worst case scenario, and ensuring their well-being is one of the most important things you can do.