Is Your Will and Estate Plan Current? Revise it with a Family Law Attorney
Update Your Will and Estate Plan in Barboursville, WV
A few months ago we discussed the importance of a will and estate. Any adult should have a will drafted, no matter age, assets, or family ties. A will and estate plan can protect your family in the event of an untimely death, as well as help to make sure your assets fall into the right hands. If you are wondering who will wake care of your children in the event of your death, or want to ensure your sibling or spouse receives a specific item, monetary amount, or other items in your possession, a will is absolutely required.
Without a will and estate plan, your assets will fall into the hands of the state, who then distribute as they see fit. This can pose a great threat to a cousin you may want to leave a vehicle to, or a friend to whom you planned to give a special collection. Cover these bases with a valid will and estate plan!
Attorney Michael S. Bailey in Barboursville, WV, is an experienced family law attorney who can help you to draft and revise your will and estate plan. Do not wait – call us today for a consultation.
Reasons to Revise Your Will and Estate Plan
You may be thinking, “I just completed my will a few years ago. Why do I need to revisit it?” Well, there are many reasons why you might need to revise a will, including:
- The birth of a child or grandchild
- The death of a family member included in the will
- Change in assets (new home, vehicle)
- Change in income
- Moving to a new state
- Adding or changing a charity donation
- Adjusting guardianship or Power of Attorney
Have you experienced any of these life changes since first drafting your will? It can be easy to be swept up in the excitement of life and forget about things like adjusting a will and estate plan. In order to keep up with your everchanging life, be sure to keep track of impactful life events to properly revise your will and estate plan.
Revising a Will After Moving to a New State
Something many people do not consider is that will and estate laws can vary from state to state. This means that the will you drafted in West Virginia may not be valid in Florida, and vice-versa. If you are looking into moving to a new state, or have recently moved to West Virginia, be sure to do the proper research to see if you must revise your will and estate. For example, LegalZoom mentions that a West Virginia will must include age, beneficiaries, capacity, witnesses, and a signature. If you are unsure, call Bailey Legal Services, PLLC. Attorney Bailey will be happy to speak with you about your current will or help you to revise it to ensure its validity.
What Can I Include in My Will?
Something that may hold up the progress in your estate planning is not knowing what to include. Many young people may also think that they do not have enough to begin their will, but this couldn’t be further from the truth. There are many things that you can include in a will to keep family, friends, and loved ones in mind, including:
- Guardianship for children
- Property (home, car, land)
- Business-related items
If you’re still unsure of what to include or how to begin, talk to an experienced family law attorney. If you’re living in the Barboursville, WV, area, attorney Michael Bailey is available to help.
When is the Right Time to Update My Estate Plan?
As with your Last Will and Testament, if you have paperwork or other directives associated with your estate plan, it may be time to update those as well. For example, if you happen to run a business as part of your estate and any aspect of that business either expanded or reduced, these types of profit or loss changes may have an effect on your estate plan.
Perhaps you had designated a spouse, partner, or family member to act in the role of administrator or trustee. If any of those relationships changed it may be time to update the power of attorney or trust agreement documentation. A regular review of any documents will help keep these aspects of your estate plan ready in case you require them.
Find the Right Attorney to Finalize Your Will and Estate
Those just starting out in estate planning or are looking to revise their will can reach out to family law attorney Michael Bailey in Barboursville, WV. He can work with you to ensure that you cover all bases in your will, and that you have the proper protection for your family and assets.
We understand that estate planning matters can be a confusing, stressful and sometimes unsettling time for many families. Planning for a loved one’s death is not something anyone looks forward to, however it is an important step in planning for the future. If you haven’t already spoken with a trusted family law attorney, our office is nearby. For compassionate legal assistance, trust attorney Michael Bailey in Barboursville, WV.