How do you know if it’s time to change your will? This blog outlines the situations your Southhaven Estate Attorney will tell you when you should update your will.

When should it be updated?

• In the event of the birth of a child, you may want to assign some of your property to the newest entrant of the family.
• If you have recently gotten married or divorced, you may have to make necessary changes in your estate plan to accommodate the new additions or subtractions
• The executor, testator or guardian or the will dies or refuses to accept the responsibilities leveled against them.
• If you decide to change your mind about certain gifts that you have made in the previous will.
• The law change and you have to modify your will accordingly
• The value of the estate fluctuates to a new high or low and the will needs to be modified to reflect the current changes
• The sole beneficiary or one of the beneficiaries of the will dies.
• Changes in the estate, either by way of acquisition or by way of sale.
• The children grow up and no longer remain minors.

How can it be updated?

There are two ways to update your will. You can either:

• Make a new one, and add a clause in it that revokes the previous one
• Create a codicil as an attachment to the existing will and sign it giving effect to the change made under the will.

There is no one way of updating your will as the facts represent. You can have your will updated in a number of different ways and each will depend largely on the situation. For example if your old has tax advantages, it would be best if you simply used a codicil to make changes to that one.

If you want more information on when is it the best time to update your will or how should you go about doing it talk to a good Southhaven Estate Attorney. For more information on estate law, contact us today!

The post Is It Time to Update Your Will? appeared first on Kelly Bosserman Law.

Why Is Estate Planning Important?

There comes a time in every human’s life where they are unable to perform everyday tasks they used to and might need someone else to take over the handling of finances and other assets. In such cases, it is always better to have drafted a will which indicates which of your loved ones get what percentage of everything that you have. In the case of not drafting a will, after the death of the asset holder, the government decides how your estate is to be divided among your immediate relatives.

Your heirs could have to pay a specific amount of money to the government if a proper will is not drafted before your death.

What Is To Be Done?

Bosserman Law’s estate planning services always recommend that drafting a will and planning your estate from a younger age is very important especially for women who are single mothers. After your death, you don’t want to add to the grief of your children running around in courts to receive what you wanted to leave them. Plan ahead so your children receive the maximum of your assets and it does not matter how much you have, Estate planning should be done even if you have a small retirement account and one car.

Choose Your Executor Wisely

This is an important decision as your executor will be the one responsible for all the money you have saved up in your life. Many people choose close friends or relatives but it is recommended to choose a person who is financial savvy.

Consider Transferring Your Assets During Your Lifetime

It is always considered a good plan to transfer all your assets before you die because this way you can avoid all the taxes you can. If you gift $14,000 a year to your loved ones in cash or other assets, you can avoid the gift tax.

Do It Now

It is essential that when considering estate planning in Southaven, you should contact your lawyer to guide and advise you in the estate planning process. Start early so you can leave your family and friends everything that they deserve.

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