Everyone should have a will, no matter the complexity of the estate in question. A well-crafted document will assure compliance with wishes after death.
As life moves forward, situations change. The details of such a record may need updating. Circumstances like those that follow should motivate responsible persons to perform a review.
Houses can have immense value. Thus, wills should detail who is to receive possession of these portfolio items. Individuals who now own a second property need that asset reflected on paper. Also, gifting a home to a child requires mention of the specific location. For that matter, states have unique laws when it comes to wills. An attorney can refresh documents to match the region where one currently lives.
Circumstances sometimes reveal the true character of a person. New information about a beneficiary may shine a negative light on some. Grandchildren not born during the original drafting may now be part of the picture. A second marriage could bring extra family members into the fold. Updating which loved ones ought to receive what may be a relevant consideration.
Tax rules are complicated and constantly changing. Thus, it might be wise to have someone knowledgeable review the will in question. New wealth may trigger entering a higher tax bracket. Someone with relevant knowledge can make adjustments that account for shifts.
When someone passes, a will determines what happens with an estate. Undesirable consequences result when documents fail to reflect the wishes of the deceased. Intermittently assessing and refreshing such records helps avoid disappointing outcomes.