There are many important things that happen in our lives. The most important ones are called “life events” and signal huge changes. These changes may be emotional, physical, financial, geographical, or all of the above.
There are some life events which impact our legal needs. How our assets are distributed and our after-life care is handled is determined by a will. This will is a compilation of your wishes, to be carried out by a trustee or executor. Although you may have set forth a list of things according to the family situation at that time, and you may have even specified a couple of alternate beneficiaries, the following changes signal a need to visit your attorney and look over your last will and testament.
- MARRIAGE: Whether your first marriage or your fifth, the family dynamic has just changed in the most intense way possible. Even if you have yet to start a family, you need to be sure that your new spouse is provided for if something should happen to you. Although today’s families are usually two-income homes, if you are assuming debt together that cannot be covered on one income, you should be sure that you have insurance and a will to help take the load off if something should happen to you.
- DIVORCE: In the emotional turmoil of a divorce, you probably aren’t going to run right over and change the will. However, when things settle, you do need to make the necessary adjustments to this important document.
- BIRTH OF A CHILD: Adding a new face to the family means that if something happens to you, your loved one and child should be taken care of. You should assess the costs of raising this little one, and provide that as well as support for your spouse. You should also specify a guardian in the event that you and your spouse are together when something happens.
- EMANCIPATION OF A CHILD: Raising your son or daughter to adulthood means that you are no longer responsible for the care of the child. Now, any monies left to them are an inheritance. You may want to evaluate how this is established. A trust may be a better option if you are concerned for the longevity of any funds left to them.
- LOSS OF A SPOUSE OR CHILD: Losing any loved one is extremely heart-wrenching. You will want to give yourself time to grieve, but when you are starting to function again, be sure to call for an appointment. You will want to adjust your will to provide for those left behind.
Keeping your will up to date is not something that you need to worry or stress over. Even so, you should on occasion, review it and be sure that it meets your needs. The events above are five of the most critical reasons to call us, but there are others as well.
If you have need of a review of your will, call us today, and we will go over it with you. We can make any necessary changes, and you will leave assured that it is truly a document reflecting your desires.
Mestayer Law Firm offers legal services for Wills, Trusts, Estates, Taxes, Social Security, Family Law, and Personal Injury. If you need a dedicated legal firm then you can trust Elliot Mestayer and his team to work for you. Give him a call 228-762-1193 or visit his website at Pascagoulalaw.com. Make sure to follow him on Facebook for up to date information.
No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers.
This article does not create an attorney-client relationship. I am licensed to practice law in Mississippi and have based the information presented on US laws. This article is legal information and is for entertainment and informational purposes only and should not be seen as legal advice. You should consult with an attorney before you rely on this information. Any information provided in this blog is accurate and true to the best of my knowledge, but that there may be omissions, errors or mistakes.