Regular review of your will is important
Regularly reviewing your will is a vital part of estate planning, especially for those in their golden years or beginning new romantic relationships. Learn more here!
Regularly reviewing your will is a vital part of estate planning, especially for those in their golden years or beginning new romantic relationships.
Circumstances can change dramatically after a person draws up their will, and those changes can have serious financial ramifications.
If you have any type of property, you need to look at your will every three to five years or when you have a major life change. When someone leaves your life, when someone comes into your life, or when your assets significantly change — there are many reasons why you need to take a hard look at it and see your lawyer.
We recommend that clients to think about their will once a year but every three to five years, you should do a really in-depth sit-down. Look at your assets, and your beneficiary designations. Journey Law offers a review meeting every three years at no charge.
A will review is especially crucial for people later in life who are thinking about getting married. If you married prior to January 1, 2022, your will was revoked by that marriage. After that date, your will is no longer revoked, but likely will no longer meet your needs.
It is not uncommon for couples to get together late in life, but it can come with obstacles. Children sometimes have a hard time dealing with it. There can be animosity, and it becomes really difficult and emotionally charged. Family members may not expect their father or mother will have another partner, but it happens more frequently than people think.
Despite how awkward or uncomfortable it may be to have these conversations, estate planning is vital.
You don’t want to put moral judgments on older people entering romantic relationships. People are allowed to be happy, they are allowed to fall in love again. At the same time, if there are significant assets, it may be incumbent upon their family members to remind them about that and consider what can be done to prevent the untoward tax consequences and the unintentional unravelling of their estate planning . I don’t think any of that should be done without legal advice.
Drawing up a new will when getting remarried can also come with its challenges, but the conversation has to be had. The grand scheme of what they planned may not work anymore. A new relationship can have a significant impact. If you are thinking about marriage, you really need to talk to a lawyer about what that means in the context of your assets, whether or not you need a cohabitation or marriage contract, and what to do about your wills. There’s a very good chance you’re going to need some legal advice and new estate documents at any age.
In most second marriages, couples want to leave the bulk of their estates to their children from previous marriages, and they don’t want their new spouse to face a dramatic and harmful situation after they pass away.
Often we suggest making provisions in the will to take care of future medical or living expenses. If there is a matrimonial home, the couple should decide what will happen to it in the event one spouse dies. It becomes a little tricky if you have to remove someone from the marital home after their spouse has died.