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Elder Planning Isn't Just For The Elderly

Reasons you may not have considered for updating your will

On Behalf of | Jan 10, 2023 | Wills

Perhaps you need to update your will because you are going to marry again or because you and your spouse are young marrieds who just became parents for the first time.

Those are typical reasons for making changes to your will, but there are others you might not have considered.

New residence

If you sold the home that was previously listed in your will and purchased another, you should update your will to reflect your new address.

Downsizing

Have you downsized and rid yourself of items you once owned? Had you previously listed beneficiaries for those items? If so, you need to update your will either eliminating the names of former beneficiaries or showing them as the recipients of new and different assets.

Primary caregiver

Your son, daughter or another family member may have become your caregiver, devoting time and perhaps financial aid to your well-being. If so, you may wish to reflect your gratitude by including your caregiver in your will.

Asset value

It would not be unusual to find that your assets have either increased or decreased since you wrote your will originally. You should update your will to show your current net worth. At the same time, if you designated a gift of stock to a family member or favorite entity, the value of the stock has likely changed, and you should make the appropriate adjustment in your will.

Different charity

Perhaps you once worked for a nonprofit you named in your will, but times have changed. You have a new favorite charity now and wish to leave them money. Make sure you make the proper change to that information when you update your will.

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