You’ve made the decision to write a will. You have thought about whom amongst your family and friends will receive your belongings after you pass. Avoid making the mistake of leaving it as is should any of the following occur.
If you’re marrying, whether it is your first or a subsequent one, it is always important to revisit your will. Specify what it is that you would like your new spouse to have, otherwise intestate will take effect and your spouse may receive less than what he/she would receive with inclusion in the will. In most cases, if intestate takes effect, the government will award a spouse no more than a half or third of an estate. Divorce, depending on the jurisdiction, can revoke parts or even the entire will. Unless you still wish to grant your ex-spouse with assets of yours (state this in the will), make necessary changes.
You Have Children
As with marrying, if you have children after you’ve written a will, amend it to include them if you so wish. Also include the guardian who will care for him/her, such as your spouse or an entrusted person if you are widowed.
Tax Laws Change
Should tax laws in your state change at any time between your will having been written and your death, the provisions listed therein may become invalidated or obsolete. Always be sure that your will reflects any tax laws currently being enforced by consulting with a probate attorney. The attorney will have extensive knowledge of any and all tax laws your state is enforcing. Any heirs/kin or beneficiaries could face heavy tax burdens if your will is rendered obsolete.
To learn more about the effects that unforeseen events may have on your will, contact the experienced probate attorneys of McAllen’s Barrera, Sanchez & Associates at (956) 287-7555.