Some Illinois residents believe that once they have drafted their last will and testament, they no longer have to worry about how their assets and property will be divided after they pass away. While this may be the true for some, many people will experience several significant changes throughout their lives that may prompt a will revision.
According to Investopedia, writing a will and making sure that it is continually up-to-date is an important part of estate planning, a fact known by a Lake County estate planning lawyer. Although these occasions are unique to each person, people may want to take a second, third or even fourth look at their will after experiencing the following three common life events.
During a marriage, couples often create their wills together. Many will choose to leave assets and property to their spouses or even make their spouse the executor of the will. Upon divorce, however, people may want to remove their ex-spouse from the will and choose a different executor to watch over the distribution of property and assets. In addition, once marital property and assets are divided, people should revise their wills to reflect the changes in who gets what. Failure to modify a will after a divorce may lead to a nasty legal battle later on.
- Receiving money
People who receive a large sum of money, either through an inheritance or by some other means, may want to change the way they divvy up their possessions. A Lake County estate planning lawyer knows that it may also be in one’s best interest to create a trust in order to help minimize tax penalties that may be passed on to the beneficiaries.
- The birth or death of a loved one
The birth of a child, grandchild, niece or nephew may require the addition of a name onto the will. In the event that a loved one should pass away, people should remove the beneficiary from the will and make any other adjustments necessary. The testator, or writer of the will, may need to appoint a new executor, who can make sure that the belongings are given to the right people upon their death.
When a change of life occurs, people should consider revising their will as quickly as possible. They can rest assured that if something should happen to them, their estate will be divided up according to their wishes. Financial experts also encourage people to look over their will regularly in order to ensure it remains current. A Lake County estate planning lawyer may be helpful to people who are generating a will for the first time or who wish to update their will after a critical change in life has occurred.