The Importance of Updating Your Will
An experienced estate planning lawyer State College PA trusts will tell you that you do not have to be old and grey to complete a will, nor do you need to be amongst the super wealthy in order to deem it necessary. In fact, creating your last will and testament is important for most of us. That’s where we come in. De Boef Lucchesi is a firm where you can find a estate planning lawyer in State College PA who will make sure that your will is completed so that your loved ones don’t have to worry.
Updating Your Will
If you already have a will in place, it will make sense to periodically update it. It’s easy to procrastinate on this task, because you will likely feel secure with the first draft of will that you created. But an estate planning lawyer State College PA recommends will tell you that this is a common mistake; when your circumstances change, you will want to make sure that your will reflects those changes. There are a number of reasons that you would need to update the details of your will, including:
- You and your spouse go through a divorce
- Your familial relationships change, and you would no longer like to leave your assets to people you had named in your previous will
- There is a significant change in your assets; for example, you inherit money or are awarded a settlement in a lawsuit
- You give birth to or adopt a child and need to add information regarding guardianship
There are two primary ways that you can update your will alongside a estate planning lawyer State College PA families prefer. Some people will choose to completely start over from scratch by creating a new will. Others will amend their current will with a codicil, which modifies a specific portion of a will that is already in place. This usually happens far less often than redrafting the will entirely. Most people prefer to create a will from scratch because it better reflects their wishes, and keeps them contained in one document, rather than creating two documents that need to be referenced.
What Happens if a Will is Outdated?
If you pass away unexpectedly before you are able to update your will, you could face similar risks as you would if you had no will in place at all. For example, if you were divorced and your will left your assets to your spouse, you risk your ex inheriting your property. An estate planning lawyer State College PA regularly consults from De Boef Lucchesi can be instrumental in making sure that your will is updated to reflect a change in your marital status.
Contact an Experienced State College Estate Planning Lawyer
Many people put off writing wills because they can be a hassle to put together, or, more likely, they do not want to think about planning for their deaths. Despite this, writing a will is important so you can give your loved ones the opportunity to more fully grieve when you pass away, as they will not have to worry about how assets will be divided. Contact De Boef Lucchesi at your earliest convenience at 814-231-4050 to begin planning your final wishes with an estate planning lawyer State College PA knows you can trust.