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When Should I Change My Will?

A will is meant to make the lives of those you love easier after your life has ended. It lays out
your intentions for the inheritance and disposal of your belongings, whether that includes money,
property, stamp collections, or sewing machines. Whatever you cannot take with you can be
passed on to the living. Whenever circumstances change such that inheritance will be
impacted, you should revise your will.
What is a circumstance that demands a change? That depends. Let's look at some examples.
Changed Circumstances
Any number of changes may impact a will. Life is unpredictable and the order of events is
unknown to all. There are always changes -- marriages, babies, divorces, deaths, and other
events. So change to a will may be necessitated by the birth or death of an intended inheritor, a
financial disaster or windfall, the start or end of a union, or something straightforward like a
property sale. Obviously, you can't pass on land you no longer own. So if, for example, you sell
an asset, that may mean changing your will afterward to reflect actual holdings.
There may also be changed emotional or familial circumstances. Family lives can be turbulent.
Sometimes people fight and fall out of favor. You are under no obligation to leave anything to
someone you are not speaking with, and certainly family troubles lead to will changes.
That said, remember you will be dead. Don't change your will every time you get in a fight with
a friend or a spat with a sister. A will is a reflection of deep intent and should not be dealt with
superficially. Change your will when it no longer reflects your true intent or the actual
circumstances.
What If You Forget?
If you have no will, your estate will be disposed of though the laws of intestacy and a state
statute will dictate the disposal. Every place has its own laws of intestacy that lay out the division
of property among family members and the order of receipt, or succession. If someone has no
children or parents, the statute will identify who is next in line to inherit the estate.
Talk to a Lawyer
If you are concerned about your estate plan or your will, talk to a lawyer and find out your
options. There may be alternatives to a will that can better suit your needs, such as trusts, or
maybe a hybrid estate plan will be best. Get guidance.

(Original article can be found here: http://bit.ly/2f5Uhay)