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Creating a will (“last will & testament”) can be a highly valuable investment for a variety of reasons. When a person creates a valid will, that person takes the role of the state out of the distribution of his or her estate (after death). The primary function of a will is to ensure that a given person’s estate – the totality of their assets – is distributed according to that person’s wishes. When a person passes away without a will, the person’s estate is handled by default rules, or “intestacy” laws, which predetermine how assets are distributed. Many people prefer to have control over precisely how things are distributed, and so the value of a will is quite clear.
Marylanders should know that periodically updating their will is generally a worthwhile decision. Once a will is written and executed, this doesn’t mean that everything is completely over and done. Plenty of things can change in between when a will is executed and when the will creator eventually passes away, and a will can always be amended prior to the creator’s passing. There can be many benefits to regularly updating a will. Let’s go over a few of the larger reasons.
Your Financial Circumstances May Change Over Time
One of the main reasons why someone might update their will is because of a change in financial circumstances. When someone’s financial condition changes, in either direction, updating a will can be a wise decision to ensure that resources are allocated to beneficiaries properly. If a person’s financial situation declines, for example, they might choose to remove certain beneficiaries, or adjust how much certain beneficiaries receive.
If a person’s finances improve, they may choose to add beneficiaries, or make adjustments to existing beneficiaries. In some cases, a person might not give specific amounts to beneficiaries, but instead give a percentage of their total estate (i.e. 5%, 10%, etc.). If a person’s financial condition changes, this may prompt the will creator to alter this situation and give specific amounts, as those amounts may better reflect how the creator wants his or her estate to be distributed.
Your Relationships May Change Over Time
One of the primary reasons a person decides to give assets to a beneficiary is the connection or relationship between that person and the beneficiary. If the relationship changes, then so might the person’s desire with respect to leaving assets to the beneficiary. This is a key reason why periodically updating your will can be worthwhile. Obviously, things inevitably change over time, and this applies very much to our relationships with people around us. If a potential beneficiary and a will creator have a “falling out,” then the creator may want to adjust his or her will accordingly. The reverse is also true, beneficiaries can be added as new relationships are formed and the desires of the will creator change accordingly.
Your Plans / Goals May Change Over Time
Another big reason as to why a will creator might choose to update his or her will is because goals or plans may change. A will can be adapted to serve the specific purposes or desires of the will creator. If the creator wishes, for example, the creator can predetermine how assets may be used by certain beneficiaries. A creator can instruct that assets be placed in a trust and only used for educational purposes, for instance, or only used for another purpose. Things change, and so the will creator might want to make adjustments to ensure that assets are used in the most intelligent way. If, for example, a certain beneficiary originally planned to attend college, but later changes his or her mind, then a will might be updated accordingly.
Contact the Murphy Law Firm for More Information
If you would like to learn more about the advantages of regularly updating your will, the technical aspects of creating a valid will, or any other estate planning topic, contact one of the estate planning attorneys at the Murphy Law Firm today by calling 240-219-5243.
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