A will is a legally binding contract that is widely considered one of the most important documents you will ever sign. The majority of parents with children actually do not have a will and without one you will not be able to allocate your children any benefits. The general consensus is that after death the eldest family member will have control of your estate, however the reality is this will be decided in court and a judge will end up with the final say. Here are three fantastic reasons to update your will.
Over the years you may have developed new relationships with people and organisations, such as finding a new partner or becoming a member of a charity or church. You may want to adjust your will to eliminate any old relationships so that they will no longer receive your benefits upon death. Newborns can be listed as beneficiaries and children who have reached adolescents can be listed as executors.
Income and Assets
You may have listed your car, estate or business in your will and these assets may have changed. Even if you have not sold any of these assets, the value has still changed, for instance your car depreciates and your business grows in revenue. As such the insured amount listed on your will is going to be different and a lot of complications can arise when dealing with these matters after death.
The location where you created your will is governed by state laws. If you have changed location since then, you will need to consult an attorney to find the legitimacy of your will. State laws can be very different from each other and have different qualifying requirements.
Laws change all the time and you will want to keep up to date with any legislation affecting your will. The best way is to visit an attorney of the state who can help to validate your will for you and inform you of any changes in law.
The best way to keep up to date is to simply have a yearly check up. Law firms specialising in estate battles can review your will and can work with you to successfully create your ideal will. At the end of the financial year is when most changes take place and is the best time to review your estate, assets, income, superannuation and all other elements that fall into your will.
List down a checklist and consider the following 10 points: children, marriage/separation, death of beneficiaries, location changes, circumstantial changes, state laws, taxation law, time since last review, new business and income increase/decrease.
Your will dictates where your assets will go after death and without one a judge will decide for you. This includes ownership of children under the matured age. If you would like to know more or if you are ready to take another look at your will then jump online and search for a law firm that specialises in estate battles.