Guiding You Through Life’s Changes: Amending Your Will

Ensure Your Will Accurately Reflects Your Current Circumstances and Intentions

At Goldberg & Goldberg, we know that life is an ever-evolving journey, with changes that can affect your personal and financial circumstances. It is crucial to revisit and revise your will and estate plan regularly to make sure they align with your current situation, and our team is here to help you every step of the way.

Consider updating your will and estate plan when significant life events occur:

• Marriage: Entering into marriage is a joyful occasion that necessitates crafting new wills for you and your spouse to ensure your estate plan reflects your new marital status, especially given the legal entitlements of spouses to property.
• Unmarried with a New Partner: For those in a committed relationship but not married, it’s essential to have a will or estate plan in place to make sure your partner is provided for, as they would not automatically inherit without legal documentation.
• Divorce: A divorce naturally brings the need to create a new will, as former spouses may no longer be your intended beneficiaries.
• New Child: With the arrival of a new child, it is important to appoint a guardian through your will to ensure their well-being should anything happen to you.
• New Stepchildren: If you wish for your stepchildren to inherit from you, you’ll need to adjust your will to express these intentions clearly.
• Major Asset Changes: Buying or selling significant assets like a home should prompt a review and possible adjustment of your will to make sure specific bequests remain appropriate and feasible.
• Moving Between State Property Systems: Relocating between community property and common law states may affect the way marital property is viewed, requiring revisions to your estate plan.
• Changing Inheritance Decisions: Anytime you wish to alter who receives a portion of your estate, a new will is necessary to reflect your updated desires.

Updating Your Will With Goldberg & Goldberg

At Goldberg & Goldberg, we advocate a straight-forward approach: crafting a new will to incorporate all your changes cohesively. A new will supersedes previous ones, preventing potential confusion. Moreover, it’s also wise to destroy any old copies to avoid misunderstandings.

While some individuals may consider software such as Quicken Willmaker for minor amendments, professional guidance ensures that all aspects of your estate plan work harmoniously and lawfully.

Comprehensive Estate Planning Oversight

It’s important to recognize that not all assets are transferred through a will. Named beneficiaries on assets like retirement accounts, life insurance policies, and certain bank accounts take precedence. Revising beneficiary designations to reflect your current intentions is as crucial as updating your will.

Similarly, maintain the relevance of your living trust by amending its terms as needed, which might include altering ownership details of assets held by the trust.

At Goldberg & Goldberg, we recommend reviewing your entire estate plan periodically, at least annually, to accommodate any changes you wish to incorporate. For trusted assistance in updating your will and estate plan, or to schedule a Free Consultation, reach out to us at (301) 654-5757. Your peace of mind is our priority.