New family member? Time to update your will.
It’s typical for most people to update their will every three to five years. However, some situations should kickstart this process.
Adding a new addition to the family is definitely one reason to make modifications sooner rather than later. Here’s when a new addition should change what’s in your will.
Whether you’re going through adoption procedures or practicing birthing techniques, introducing a new member to your family is an exciting time. But while considering all of the ways you will help your child succeed in life, you should also think about what would happen if you’re not around.
Should a tragedy take your life before your child is grown, how can you best set him or her up for the future? One key consideration to take is who should take care of your child. By choosing a guardian in your will, you can feel at ease knowing your child would be well-cared for in your absence.
You may also want to make changes to your estate plan if your extended family is growing. New grandparents, aunts and uncles can choose to hand down specific assets to these loved ones or even set up a trust fund for them.
New pet parents
If you recently purchased a new pet, you can choose who will take care of this animal and even allocate funds for the pet’s expenses through your will. This will help ensure your pet is looked after should something happen to you.
However, while making these changes to your will, it’s a good idea to talk to your beneficiaries ahead of time to ensure that the guardian you select for your children or your pets is up to the challenge.
To find out what makes the most sense for your unique estate plan, discuss these big life changes with a skilled estate planning attorney. A lawyer can help lay out your options for estate plan modifications and advise which might be the best fit for you and your family.