Why And When You Should Update Your Will And Estate Planning Documents

 

After making a will, many people simply put it in a safe deposit box or leave a copy with their attorney and forget about it. However, there are many reasons to review and update your will and other estate planning documents.

 

If you have found the love of your life and want to make sure that person is included in your estate plan, now is the time to update your will and estate plan.

 

If you had a baby or adopted a child, now is the time to update your will and estate plan.

 

If you are going through a divorce, now is the time to update your will and estate plan.

 

If you recently received a lot of cash or other assets, now is the time to review and possibly change your will and estate plan.

 

While the reasons may be endless, there are several more possible life changes that may prompt you to change your will and estate plan.

 

Below is a list of events that may prompt you to review and update your will and estate plan:

 

• The individuals you have named are deceased.
• New people are now in your family and should be named in your will (e.g. birth, adoption)
• Divorce or marriage
• New state laws. It is important that you periodically check to see whether your state has enacted new laws that impact your estate planning documents. More importantly, if you move to a different state, don't assume that your will made in your previous state conforms to the requirements of your new state. Each state has its own legal requirements for making a will.
• Change in guardians, personal representatives, or trustees
• Children reach the age of eighteen
• A substantial increase or decrease in the value of your estate
• The acquisition or disposition of a significant asset
• You should see an attorney about reviewing and updating your estate plans prior to reaching 701/2 years of age if you have an IRA, 401(k), or other qualified plan that requires you to begin to take distributions at age 701/2. The beneficiary that you designated will have an irrevocable impact on both your and your beneficiary's required distributions
• The passage of time is reason enough. You should review your will and estate planning documents every three to five years

 

Call your Amarillo Estate Planning Attorney Today and Get Help Handling a Deceased Relative’s Debt

 

Losing a loved one and handling their estate is already a difficult life experience. Handling a deceased relative's debt only adds to this burden. Fortunately, chances are you are not responsible for your deceased relative's debts. The best way to find out what your obligations really are is to simply contact a local Amarillo Texas probate attorney. If you are planning your estate or updating your will, the best thing to do is consult with a local Amarillo Texas estate planning attorney to make sure you are following the laws and regulations of your respective state. Many people have similar questions and go through the same line of questioning when deciding how to make or update their estate plan. It can be and often is critical that you get legal help understanding the basics of this process. The best way to get this understanding is to contact an experienced Amarillo Estate Planning attorney near you. Stop and take a breath and call an Amarillo Estate Planning Attorney who has had decades of experience.  Pick up the phone and call Amarillo Estate Planning Attorney Bill Cornett.  Bill is your choice as an experienced estate attorney in Amarillo and the Texas Panhandle.  Don’t waste another minute.  Call him today.

 

Your most important action may end up being the phone call that you make to your Amarillo estate planning attorney lawyer.  In the Texas Panhandle that call should be to Amarillo attorney Bill Cornett.  Whether you need assistance with a will, administration of an estate or a contested probate, contact the Law Office of Bill Cornett. Be smart…remember these phone numbers (806) 374-9498 or (800) 658-6618.

 

Put Cornett Law Firm’s 50+ years of experience to work for you

 

Bill Cornett, Amarillo Attorney, with Cornett Law Firm, offers affordable, qualified services as an experienced personal injury lawyer and probate attorney. Bill also has experience in estate planning and agriculture law. Sit down with Bill at his office located at 612 S. Van Buren St. in Amarillo TX by calling (806) 374-9498 or (800) 658-6618 TODAY to schedule a free consultation.