An estimated 55% to 70% of Americans don’t have an estate plan or even a simple will, so if you do have one, you’re already a step ahead of the crowd. But don’t think your finances are set in stone for the rest of your life — this is perhaps the most common mistake people make when drafting their will. In reality, there are countless reasons to revisit your will with the help of an attorney, and being aware of the top reasons can help you stay on top of your finances and ensure your belongings are in the right hands. Here are just a few reasons to hire a real estate lawyer to revisit your will.
New Child
If there’s a new child in the family through birth or adoption, it definitely makes sense to revisit your will. Despite your age, life is incredibly unpredictable, and revisiting your will as soon as possible after bringing a child into the family can ensure your financial assets stay within your immediate family. If you’ve recently become a grandparent, this may also be cause to revisit your will.
Divorce/Remarriage
Planning a wedding and getting married is certainly time-consuming, and some people put off changing their will until it’s too late. Don’t let time slip away — if you were recently married or divorced, meet with an attorney to make sure your belongings will be in the right hands.
Retirement
Yes — while retirement is definitely exciting, it also requires loads of paperwork and financial planning. It’s easy for estate planning to fall through the cracks, even if it’s temporarily. But don’t delay — your attorney can help you revisit your will and make sure everything is in check.
Inheritance or Significant Net Worth Changes
Finally, make sure to meet with your lawyer and discuss a re-evaluation of your will if you’ve recently inherited significant assets or have otherwise increased your net worth by a substantial amount. Otherwise, this new wealth may not be spoken for.
According to the Bureau of Labor Statistics, in 2014, there were 603,310 real estate lawyers in the United States, and it’s easy to find one willing to work with you to make sure your assets are properly prepared. For more information about estate planning lawyers, contact Baird Mandalas Law.
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