If you’ve already created an estate plan, you and your loved ones are better protected, no matter what the future may hold. While some people assume that establishing a will or estate plan is a one-time event, there are actually several reasons why it may be worth revisiting the documents to ensure that they address all of your specific needs. For those who made their will when they were in their 40s, many big shifts may have transpired by the time they reach retirement age. As your circumstances and needs change over time, it’s worth revising your will and making the necessary adjustments that allow you to enjoy the protections you deserve. Let’s take a look at four common reasons why changing or updating your will may be necessary as you age.
Reason #1: You’ve Moved
As you age, you may decide to move closer to your children or grandchildren. If you’ve sold your home and purchased a new home—perhaps you’ve downsized since your children moved out—make sure you update your will to include your home’s new address. Additionally, if you’ve moved to Washington from another state, you should take a look at Washington’s requirements for a will. You may need to make some adjustments to ensure that your will is valid in Washington.
Reason #2: Your Financial Situation Has Changed
If you created your will over a decade ago, you may have experienced a shift in your financial situation. Perhaps you’ve amassed a greater amount of assets over time, or this economically uncertain time has caused your financial assets to dwindle. It’s important to revisit your will to determine whether you’ve specified that you intend to give a certain amount of money to each child. If this information is no longer accurate, you should amend the document to match your current financial situation.
Reason #3: You’ve Become More Charity-Minded
For some people, retirement offers the opportunity to become more engaged in community projects or charities. Perhaps you’ve started to devote your time to a nonprofit organization whose mission you believe in, or you’ve become a board member for a charity that you would like to financially support as much as you can. If so, you may consider revising your will to include instructions about allocating funds for such charities or nonprofits after you are gone.
Reason #4: You Wish to Support Your Primary Caregiver
As you grow older, you may need more assistance from a loved one who can help you run errands, perform household chores, or otherwise support you. Perhaps your child has become more involved in your life and has assumed the role of a caregiver, and you want to ensure that they are compensated fairly for their devotion and dedication after you pass away. It’s a good idea to update your will to explain your intentions so that disputes among your beneficiaries are minimized when the time comes.
For more information about estate planning and elder law in the Spokane Valley area, contact Legacy Law Group at (509) 315-8087 today to speak to a knowledgeable and dedicated attorney.