Beneath the hockey pads, catcher’s masks, and football jerseys, athletes are regular people like you and I. That’s why it’s important for them, just like everyone else, to regularly update and revise their will, especially following substantial life events. So when and why is it important for top athletes and regular Joes alike to update their will? Let’s take a look.
When Moving to a Different State
State laws can vary greatly, so if you have your will written in Pennsylvania and then move to Ohio, you’ll want to consult an attorney in Ohio to ensure that all of your new state’s laws are being considered.
When Getting Married, Separated, or Divorced
When you change your marital status, it is important to update your will in correspondence with that change. If you fail to update your will and an unexpected event occurs, you may not have the correct beneficiary for your property and belongings. Updating your will is critically important during a divorce so that an ex-spouse doesn’t unintentionally end up with ownership of your property over your children or new spouse.
Upon Having Children
With the gift of children also comes substantial responsibility, and one of those is making sure they’re taken care of in the event of your passing. To protect your family, you should also appoint a guardian to ensure your children have a caretaker if you are no longer able. This should be done immediately and updated with each additional child.
The same applies if new grandchildren come into the picture. You can update your estate to include the new family members while also protecting the inheritance in the event that their own parents pass away before you do.
After Financial Windfalls
Whether you sign a new contract, your business has a surprisingly successful quarter, or you benefit from an inheritance of your own, you should not delay in updating your will. You can transfer a holding before it appreciates to shelter it from gift and estate taxes to the benefit of your loved ones. It can also be beneficial to update your will following financial burden or setback. New estate planning opportunities can often be found in a poor economy.
Periodically or After Tax Law Changes
Tax laws are constantly changing, and it can be difficult to keep up. Many of these changes can impact your estate, so it is imperative to meet with an attorney to see how those changes might affect your will.