Peace Of Mind For Your Family And Your Future

The best times to review a will

On Behalf of | Jun 2, 2020 | Estate planning

Ideally, Delaware residents will review their wills regularly after they are first executed. As life events occur, the original document may become less effective in meeting a person’s needs. In many cases, it is a good idea to update a will after the birth of a child. For many people, the birth of a child is the reason why they created a will or another estate plan documents.

The language in a will may allow an individual to name a guardian for that child and any others that may be born in the future. Those who are thinking about ending their marriages may also need to make changes to their wills or other estate planning documents. It is important to note that it is generally not possible to make them during a divorce proceeding itself. In many cases, it is best to make them before filing for divorce.

If a child or grandchild has issues managing money, it may be a good idea to have a trust along with the will. This will ensure that an inheritance is managed by another person or entity who has a fiduciary duty to a beneficiary. Finally, it may be worth updating a will if a beneficiary dies or if the primary executor passes away.

An >estate planning attorney may be able to help a person create or update wills, trusts or other documents. Reviewing an estate plan regularly may help to ensure that the terms of a will or trust meet a person’s needs now and in the future. Those who are hoping to avoid probate may be able to do so by attaching beneficiary designations to assets such as a home or bank account.