The term of your will dictates a number of things, including how issues might be addressed if you become incapacitated. Folks in the estate planning services industry encourage clients to be mindful of life changes in order to see that their wishes will be followed. When one of these 5 changes happens, you may want to get in touch with a will and estate planning attorney.
Love and Marriage
A spouse is the first person the courts will look to for input on disposing of your estate, managing your wealth or addressing medical and end-of-life care questions. Many people, however, make the mistake of not sitting down with a will attorney until they are older, accumulate more wealth or have children. In order to provide maximum clarity, you should ensure that your spouse is overtly written into your will. Likewise, if a divorce occurs, you should verify that any powers given to your former partner have been reviewed and revised.
It's Not Personal; It's Just Business
Owners and officers of companies have control over voting within businesses. Especially if a person becomes incapacitated, this can open major questions about how their shares will be voted. A will attorney services provider can guide you through the process of empowering people you trust to be able to vote your shares. They also can assist you in setting down the terms for when those powers are granted and when they'll be revoked.
Additions to Your Family
The birth or adoption of a child represents a massive shift in how your estate will likely be distributed. Also, be aware that any stepchildren you might have are unlikely to have rights to your estate. Make sure to explicitly add them to your will if you want them to benefit.
Kids Grow Up
After your spouse, your adult offspring get the most say in the disposition of your will and estate. If your child is approaching the age of majority, it's wise to add entries in your will that address the role they'll play. There should also be language included that covers any questions that might arise if something happens to both you and your spouse.
Each state has its own rules regarding the distribution of assets and proceeds from an estate. If you move, meet with a member of the bar in your new state of residence to review the terms of your will.