When you have a valid will, you can pass peacefully knowing that your loved ones can inherit your property through the legal system. However, drafting your document only once during your lifetime may lead to it not reflecting your real financial situation. When this happens, your will may become void.
To help prevent this issue from happening in the future, you must learn about when your document requires an amendment.
Changes in your marital status
One of the most common reasons people update their will is when their marital status changes. For example, if you recently tied the knot, you must include your spouse’s name among your list of beneficiaries.
Alternatively, if you recently went through a divorce, it is also necessary to take your ex-spouse’s name off your will. These types of updates can ensure that your legal document reflects your marital status accurately.
Relocations
Laws regarding estate planning differ from state to state. If you relocated to California from a different state, it is advisable to revise your will or consult an estate planning lawyer who can review your document and inform you whether it meets your new state’s legal requirements or not.
Changing your beneficiaries
Under California law, there are only two types of individuals which cannot be entirely disinherited: a surviving spouse and children. Aside from these individuals, you can disinherit distant or estranged family members, such as a sibling or parent, by removing them from your list of beneficiaries.
Increase or decrease in property size
As time goes by, you might acquire new assets or sell off property. These types of changes must be reflected in your document. By amending your list of assets, you can ensure that your named beneficiaries can receive their inheritance without going through any legal challenges.
By periodically updating your will with the guidance of a lawyer, you can gain peace of mind knowing that your loved ones will be able to honor your last wishes and inherit your assets the way you intend for them to receive it.