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| When Should You Write a New Will? by Geri Epstein http://www.documentsusa.com Because your assets and circumstances can change over time, as well as your attitude about your beneficiaries, your executor and the guardian of your children, you should review your Will on a yearly basis to make sure it still reflects your wishes. You should consider writing a new Will when any of the following events occur: ~~When you get married ~~When you get divorced ~~When you have children (natural or adopted) ~~When you move to another state ~~When any of your beneficiaries, executors, or appointed guardians die or become unsuitable for any reason ~~When you change your mind about how or to whom you want your property distributed. Your Will remains valid until you write a new Will or revoke it in writing. So give yourself the peace of mind of knowing that your Will accurately reflects your wishes when circumstances in your life change by writing a new Will. Six reasons to write a new Will appear in the paragraphs that follow. 1. When you get married In some states when you get married, your spouse will automatically be entitled to inherit your property as if you had no Will. If you do not wish this to happen, then write a Premarital Agreement to make a provision for your spouse in a Will or specifically state in your Will that you intend not to mention your spouse. If you do want your spouse to inherit, then you will want to specify his or name in your Will as an heir. 2. When you get divorced In some states when you get divorced, your former spouse is automatically deleted from your Will. Because you can't count on this, you should make a new Will when you get divorced. You should protect your beneficiaries when your divorce becomes final. You don't want your beneficiaries to lose the money it may cost them to defend a former spouse's claim to your estate in the courts. 3. When you have children In some states having a new child means that the new child would get a share equal to what your other children receive. In other states, having a child will revoke your Will or cause the new child to receive more than the other children. For these reasons, it is best to rewrite your Will following the birth of each child. That way you can specifically name the new child. An adopted child should be specifically named in your Will as well. If one of your children dies, that child's name should no longer appear in your Will. 4. When you move to a new state When you move to a new state, the laws of the new state concerning a Will may differ. For example, Vermont requires three witnesses, whereas most other states only require two witnesses. The laws of Louisiana are based on the French legal system, rather than the English system the remaining states have adopted. Generally, if you have a self-proving Will, it most likely will be admitted to probate with no problems. Without a self-proving Will, you will need to find the witnesses and have them take a new oath to validate your Will. Another reason to write a new Will when you move to a new state is that it will prevent your former state from trying to collect estate taxes from your heirs. To avoid any potential problems, it is safest to become familiar with the laws of your new state, write a new Will that takes the laws of the new state into consideration, and has witnesses that reside in your new state. 5. When a key person in your Will dies or becomes unsuitable When your executor, any beneficiary, or the guardian whom you appoint to raise and educate your children becomes unsuitable for any reason, you should consider rewriting your Will. A person could become unsuitable if he or she dies, becomes incapacitated, no longer want to perform this role, or if you simply change your mind that the person you named in the best one to perform the role. Naming a new person gives you the peace of mind of knowing that you have the person who has your best interests at heart to perform such important roles for you. This is preferable to having a stranger in a court appoint someone you may not want to raise your children or administer you estate. 6. When you change your mind Suppose one of your children wins the lottery while another child suffers a debilitating disease. You may want to provide for these children differently, even though you love them both. Another reason you may change your mind is that your relationship with a beneficiary changes. If one child has cared for you in your declining years, while another never even bothers to call, you may want to provide for them differently. If all your children pre-decease you, you may want to leave your money to your favorite charity. These are just a few of the examples that may prompt you to write a new Will.
Disclaimer: The information provided in this article is general information on the legal issues presented and should not be regarded as a substitute for legal advice from an attorney. Geri Epstein is not an attorney and DocumentsUSA is not a law firm. The above article is presented as a community service by www.new-jersey-lawyers-directory.com with the permission of the author. |