While there are certain obvious situations that most people understand calls for an update to your estate plan, smaller changes in circumstances can be just as important. A good example of this pertains to personal property. Your personal property may include such items as clothing, furniture, artwork, or jewelry. If over time your decisions relating to this personal property change, it is time to pursue an update to your will.
Seven Personal Property Circumstances That Call for a Will Modification
In order to know when to contact your attorney about an estate plan update, it is important to recognize the circumstances that give rise to the need for a modification of the personal property provision in your will. The following are seven common examples:
- You have decided that the people you originally chose to receive your personal property are no longer the best fit.
- You discovered specific items of property that you want to leave to an individual beneficiary. An example would be a favorite watch, a camera, or a piece of artwork that you want to be left to a specific individual.
- You fear that there may be some dispute among your beneficiaries as to who should receive which property. You may wish to add a provision that gives your executor specific instructions as to how to handle this type of situation.
- You may decide that you want all of your personal property sold and the proceeds distributed among your beneficiaries.
- You want to add a new beneficiary to the group that you already named.
- Your spouse, who was your primary beneficiary, has since passed away.
- You have items of personal property that have increased substantially in value and therefore should be handled differently during the administration of your estate.
Fortunately, updating your will is not a difficult process. We have assisted countless other clients in modifying their estate plans to match their current circumstances. Read about their experiences on our client testimonials page today.
|
Related Links: |