A will is a crucial component of any Virginia estate plan, especially as you age and begin to consider the assets you want to leave behind. But with age comes change: to your family, your finances and your goals.
Updating your will as the circumstances of your life change can help protect your estate and could ensure a better future for your loved ones.
Your will can be flexible to change
These are some circumstances which could warrant changes in your will:
- Family developments: If someone new enters your family through birth, adoption or marriage, updating your will can help you leave something behind for them. This can also be true if you get a divorce and want to protect your estate or if you want to include your former spouse in your will.
- Death of a loved one: It may be difficult to consider, but if a member of your family passes away then it may be time to change your estate plan. This is especially true if you named them as an heir. Updating your will can help you distribute assets to other loved ones.
- New financial situation: As time goes on, your finances may change for the better or you may fall upon tough times. Whatever the case may be, it is wise to be prepared and update your will as needed.
- Changes in relationships: Your bond with your loved ones and your families may grow or even decay over time. You may want to exclude someone from your will because of a soured relationship and include another person to whom you have grown close.
Your will is not set in stone. By keeping it up to date, you can be at peace knowing that your estate will be in line with your desires and your circumstances.
