Maintaining A Will

Once a will is drafted it should be regularly reviewed, much the same way that you would review your retirement investments or stock holdings.

The First Step

First of all, there must be a Will to maintain. Surprisingly enough, most sources claim that less than half of all Americans over the age of 18 have a Will. Most say they recognize their importance and even have regular plans to make a Will; however, the fact is that most people simply do not want to think about dying. Making a Will is recognition of one’s mortality.

Perhaps a better way to think about a Will is by making it an integral part of your estate plan, or financial plan. Once you have invested the time to carefully ensure a balanced financial plan, invested hard earned cash in company stocks and mutual funds, perhaps bought property, maybe own a business, have college funds you are saving for, you might want to consider the chance that someone else might be left handling your finances and personal property in the untimely event of your death. Once you have consulted a lawyer to advise you on drafting an appropriate Will, you can begin making regular visits back to your vital document.

When To Revise

That a will has been written does not mean that situations cannot change. In fact, situations typically do change. Knowing when to make revisions to your Will is as critical as knowing when to revise your personal financial plan.

When your marital status changes, you should revisit your Will. In most states a spouse takes at least half of your personal assets, and the rest are divided among children. However, there are differences depending on your state of residence. Also, if you have stepchildren, adopted children or children from another marriage, have been divorced and remarried—all of these factors complicate an otherwise basic Will. Check with your attorney.

In the case of a same sex relationship, especially where children are involved, you should make revisions and consult a lawyer who can keep you apprised of current laws.

Often a change in residence should at least prompt a phone call to your attorney to make sure you do not have to make any legal alterations to your Will in accordance with a new state.

Any time you know your intentions for distribution of assets have changed, you ought to make prompt revisions.

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