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Updating your will

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Lots of people change their wills when they have children, grandchildren or when their financial situation changes.

This guide will help you decide and answers common questions such as “how to change a will”, “how much does it cost to change” and “what is a codicil”. If you would like to make significant changes to the will, then it might be better to write a new will.

A review does not necessarily mean that a change is required, but does ensure that changes in circumstances are not overlooked.

We recommend that Wills be reviewed: (Financial Agreement) to regulate the ownership of your respective assets in order to protect and preserve your assets for your benefit and the benefit of your children.

Most wills include a "residuary clause" that names the beneficiaries who will receive all money and property not specifically named in the will document -- including any property you acquire after making your will.

So, if after making your will, you make any large or important purchases, make sure your you want your residuary beneficiaries to get those assets. Also, consider whether you want any new assets to be transferred without probate.

In sum, keep track of who've you've named as beneficiaries, guardians, and executors -- and make sure the terms continue to reflect your wishes.

Also update your will to include any newly acquired assets.

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Maintaining an accurate, current will is one of the best ways to ensure that your wishes are honored after your death.You can start down that road with a free attorney match with an estate planning lawyer.Once you have a will in place, your circumstances and the law can both change.Click on the links below to learn more information.If you are planning your estate or updating your will, the best thing to do is consult with an estate planning attorney in your area to make sure you are following the laws and regulations of your respective state. Get a Free Attorney Match While there may be a million and one reasons to update your estate plan, you should always know the law before changing your wishes. Simply contacting a local estate planning attorney and discussing the parameters of your life change or other significant, triggering event.Once a will is prepared, it is not uncommon for subsequent life events to precipitate the need for amendments or updates.