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When Is the Right Time to Amend Your Will?

when-is-the-right-time-to-amend-your-will

Without any advice from a qualified lawyer, making a will on your own might be challenging. Lawyers are knowledgeable about the specifics of creating a will and how it functions. However, what about revising your living will?

Creating a living will gives directions regarding the medical care of someone who is still alive although unable to communicate their wishes and it is among the most fundamental steps in estate planning. It is also helpful to create a final wishes planner outiling how you want your end-of-life process to occur (i.e. funeral, cremation, etc.) making it much easier on your loved ones to make decisions.

As a provider of a digital storage vault that is located in Chicago, Illinois, we believe that there are some significant life changes that may require you to update your will or living will:

  • Having a new family member or the death of a family member
    Your will should be updated if there are family changes, such as the birth of children or grandkids. It should also be modified if you’ve lost a family member that was originally mentioned in previous documents.
  • Change of marital status
    It’s time to review and, most likely, amend your will if you’ve just been married or divorced. Your estate’s distribution to another beneficiary or previously named heir may vary if you decide to include your spouse in your will.
  • Purchase or disposing of an asset
    After buying or selling assets, you might think about changing your will, especially if the item you just sold was already in it or if the asset you just bought should be.

Life Snapshot®, Inc. provides estate planning storage. We suggest examining your will once a year and making any necessary modifications, whether or not these circumstances occur. Visit www.lifesnapshot.com to get started with a FREE 14-Day Trial.

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