When you create a will, you outline your wishes for the division of your property after your death. You can also name a guardian for any of your minor children. Although making a will is an important step, many people don't have one of these documents. According to a survey produced by Caring.com, only 4 out of 10 American adults have created a will or living trust.
At Ruggiero Law Offices, LLC, not only do we believe you should make creating a will a priority, but also know when to update this essential estate planning document. Here are our top three recommendations.
1. Following the Birth of Your First Child
The birth of your first child should spur the creation of your will so you can name a legal guardian for your child. You should make the terms included in your will flexible enough to accommodate any additional children you have in your estate plan.
2. After You Get Divorced
Ideally, you should change your will after you and your spouse decide to divorce. If you don't do this, update your will as soon as possible following your divorce to ensure your former partner doesn't retain any rights to your estate.
3. When You Experience a Change in Wealth
If you receive an inheritance, make a profitable investment, or come into any significant amount of money, change your will. This document should reflect your current wealth status.
Once you create your will, keep it in a secure, accessible place. In addition to these major life situations, you should review and update your will approximately once per year.
Since 1990, Ruggiero Law Offices has helped families like yours protect what matters most. Led by James "Jim" Ruggiero, Jr., Esq., and supported by a skilled team of attorneys and legal professionals, our firm brings practical, common-sense solutions to estate planning, trust administration, and elder law challenges.