There are many important events in life that can change our trajectory. Every significant life event—from marriages and births to divorces and relocations—has the power to transform our perspective on our possessions, obligations, and loved ones.

The importance of updating your will is sometimes disregarded throughout these transitions. At Milligan Law Offices in Fort Smith, Arkansas, we have seen how an antiquated will can cause unanticipated results and legal issues. Protecting your legacy and the future of your family depends on your will reflecting your current circumstances.

Why Updating Your Will Matters

A will reflects your beliefs and wishes. It details your preferred distribution of your assets, who you’d like to be caregivers for your children, and who will handle your estate. But, as is natural for everyone, your priorities change with the seasons of life. When you originally developed your will, what seemed to make sense then might not fit your present situation. That’s why updating your will following significant life events is not just advised, but necessary.

Failing to revise your will might lead to the distribution of your assets in ways you never intended. Furthermore, it might lead to unwarranted uncertainty or even conflicts among family members, sparking lengthy court fights that could have been avoided with careful planning.

Regularly updating your will helps you to avoid misunderstandings. Whether it’s divorcing a previous partner, adding a new partner, or handling changes in dynamics with your children or extended family, you can assist in making sure that your loved ones are treated fairly—and in line with your present preferences—by providing clear, current instructions.

Significant Life Events that Call for a Will Update

Several important life events call for a careful study and update of your will. Knowing when to review your estate plan can help you avoid problems and guarantee the welfare of your family.

Marriage or Divorce

One major life event that should cause you to immediately evaluate your will is getting married or divorced. Many times, marriage entails additional obligations, including supporting your partner if you pass away. Your spouse might not get the portion of your estate you anticipated without a revised will.

On the other hand, following a divorce, you should make sure your former partner is no longer able to inherit your assets unless that is still your desire. A divorce in Arkansas can automatically revoke some terms of a will pertaining to a previous spouse, but it might also leave your estate plan vulnerable or unclear.

Birth or Adoption

Whether by adoption or birth, the arrival of a new child calls for quick consideration of your will. Your will should name a guardian for your minor children so that they are raised in line with your wishes. You also want to plan for the financial future of your children, which can call for creating trusts or particular inheritance instructions.

Death of a Beneficiary or Executor

Should someone included in your will die, it is imperative to change the document to indicate this loss. Ignoring this could slow down the allocation of your assets and lead to complications during probate. Changing your will following a death helps prevent uncertainty and maintains the proper arrangement of your estate, whether that means transferring assets to another beneficiary or selecting a new executor entirely.

Financial Changes

Oftentimes, major financial changes call for a will update. Whether your financial condition has changed significantly, you bought a new house, inherited money, sold a company, or otherwise, these events can affect your intended estate distribution. For example, as your wealth increases, you might want to add specific directions on how your assets should be transferred or broaden your list of beneficiaries. You may need to examine the tax implications of your growing assets or look at ways to minimize taxes on your estate, including creating trusts.

Relocation to a New State

State-by-state estate planning rules differ greatly: what was legally enforceable in Arkansas might not be so in another jurisdiction. If you have relocated to another state, your will should be examined to make sure it conforms to the local laws. Working with a qualified estate planning attorney will help you to make sure your will is enforceable no matter where you live.

Update Your Will with Milligan Law Offices

Regular updates to your will help eliminate doubt, lower stress, and give you hope that your family will be cared for per your wishes. Although changing your will seems simple, important life events can have complicated legal ramifications. From making sure you follow state regulations to negotiating tax issues, you need a qualified attorney at your side to guide you through each step.

Having worked in Arkansas estate planning for over 25 years, the experts at Milligan Law Offices are familiar with the nuances of creating and amending wills. We are here to help you through the process, whether your significant life change was recent or it’s simply time for a review. Contact us today to schedule a consultation and ensure your family’s future is safeguarded.