When Life Gives You Lemons — Call an Attorney

While most people think of the finality of a last will and testament, they may not realize how these important documents should change when their lives change. A will is not something set in stone that should be forgotten about as your life goes on; rather, it should reflect every new important change, in real time.

1. When You Marry Or Divorce

No matter what age you are when you marry or what the value of your assets may be, if you don't update your will at or before major life events, and you unexpectedly pass away, your entire family (from any and all marriages affected) could be thrown into chaos. For example, a previous will may have a former spouse named as executor and include property you jointly owned together, which has since been sold. Do not put off making these important updates to your affairs, even if you're experiencing the lows of a divorce or the highs of new marital bliss. According to the laws where you live, a change in marital status could invalidate a will or have absolutely no bearing on it, but this is something you simply can't leave to chance.

2. If You Have A Major Falling Out With Someone Close

Particularly if someone you have a falling out with is a close family member or confidant whom you've included in your will or as an executor, it's important that you update your affairs immediately. If the relationship never recovers, you're wishes are met; however, should you reconcile, you can always go back and reestablish that person as an heir or executor. You certainly wouldn't want a former friend who's now considered an adversary or otherwise unwelcome in your life to attend to your affairs or receive any of your assets if you suddenly passed away.

3. When Anyone In Your Family Has A Child

Especially for any minor children you have, specific instructions on who will provide for their care and manage their inheritance is a crucial aspect of estate management. Also, when a child is born into your family, you may want to update your will to include them or to change what you leave to their parent(s), in consideration of the new life they're caring for. Ask your estate planning attorney about setting up trusts for minors or for people you otherwise feel need more time to mature, prior to receiving any significant inheritance.

4. Upon The Death Of Someone In The Family

After you've gone through the grieving process, think about how the absence of the deceased alters your will. Were they set to receive any of your assets? Who should those assets now go to? Has the death created a financial void in the lives of those left behind that you want to compensate for? Depending on who died and how the state of their affairs affects the rest of the family, you may want to update your own affairs.

5. If Your Life Insurance Policy Is Updated

As you get older, richer, wiser or for any reason choose to change your life insurance, you may need to update your will also. While a life insurance policy is legally completely separate from your will, if, for example, the beneficiary of your life insurance policy is set to be awarded a significantly higher amount than other heirs that are equal in your eyes, the will should reflect this. You can also specify that the policy be paid to your estate and if your estate is divided up according to your desires, the policy will simply provide additional cash value.

6. When You Make New Investments

Making new investments or starting a business means adding to your list of assets or possibly creating new debt and this should all be accounted for in your will, as your portfolio evolves. Talking to an estate planning attorney should give you an idea of how often and under what circumstances you'll need to update your will.

7. When You Retire

By the time you retire, many things in your life could have changed which would mandate a rewriting of your will. For example, you might retire earlier or later than what you'd previously planned for or you could encounter a health crisis, altering the cash value of your estate. You might also sell a home as part of your retirement, to move to some place more desirable in your later years. Additionally, your whole mindset might be different at the age of retirement than it was when you last made out your will, so have a look at it to make sure everything you wanted then still applies now. If it doesn't, you'll be glad you brought the document up to your current way of thinking. With retirement, too, comes different stages of life where your goals and needs may change a lot, meaning your finances will have to adopt, possibly throwing curve balls to your will.

8. Should You Or Someone In Your Family Become Sick Or Disabled

Estate planning involves providing instructions on how you want to be cared for, especially if you're unable, at that point, to communicate your needs or wants. When a situation like this befalls a family, their financial stability is likely to be thrown in total disarray, necessitating updates with the will and estate. You might also want to assign durable power of attorney, meaning someone you trust can make decisions for you, if your health is threatened. Especially due to the legal complexity and emotional intensity of the circumstances, seeking the advisement of an estate planning attorney is your best bet.

As difficult as mortality is to come to terms with, if you fail to create a will and keep it updated, you risk allowing your state's probate to make these important decisions for you and your loved ones. Keep your affairs current and concise, with the guidance of an estate planning attorney, like one from Abom & Kutulakis LLP, to make sure your last wishes are followed exactly as you intend.