Stretch Your Dollar: When to update your will

Stretch Your Dollar

It’s not a topic a lot of people feel comfortable talking about – which is why so many people forget to update their wills. But it’s important to stay on top of that so your estate is passed onto the people you want to support when the unexpected happens. We are stretching your dollar with when in life you should make changes.

Kiplinger out with this list:

Make sure you update your will when you have kids. The focus on this will should be naming your choice of guardian for your child, and who will serve as trustee for any trust created for that child by the will.

If you’re considering a divorce, remember that once you file for divorce you often can’t change your will until the divorce is finalized.

You also want to make changes if your beneficiary has substance abuse issues – that way there’s a third party who can distribute funds under the correct circumstances.

If laws have changed, every few years Congress passes legislation that can royally derail your estate plan. Make sure to ask your attorney every few years if there have been any new laws that are relevant to your estate planning.

If you come into a lot of money, whether it’s inherited, earned or won in some capacity, you may want to change up how much goes to charity and how much goes to others.

Also if you haven’t touched it in a few years, it’s possible your child is grown up now and may serve as a better executor than the spouse or friend you have listed on there. Either way, it may be time to give this very important document some attention if you can’t remember the last time you updated it.

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