There are numerous reasons to create a will and other estate planning documents, but none are more important than your family. You want to make sure that your assets go to the right people upon your death.
Thus, it’s important to ensure that your will reflects your current family dynamic. That’s why it’s crucial to update it as your family and your circumstances change. Outlined below are two examples.
Have you recently had a child?
You and your partner have just added to the family. This can be a busy and exciting time, and estate planning may be the last thing on your mind. However, it’s important to include your youngest child in your estate plan. After all, this is the only way to guarantee that they’ll gain the benefits of your estate should something happen to you.
If your children are caregivers
Perhaps your children have grown up now and have started a family of their own. Unfortunately, you haven’t been well recently, but your adult children have really stepped up. They’ve cared for you in numerous ways, such as making sure you are comfortable and have everything you need at home.
This has come at a considerable financial cost to them, and you want to ensure that they know you are grateful. You intend to leave something behind for them when you pass, and a will can make sure this happens.
Drafting a will can feel daunting at times, but it doesn’t need to be this way. Seeking some legal guidance can help put your mind at ease and ensure that your loved ones are looked after in the future.