A will is considered a type of legal document that provides instructions on how to distribute your assets upon your death.
If you die in Indiana without a will in place, Indiana intestate laws will determine who inherits all of your assets depending on their relationship to you. Accordingly, if you have certain distribution goals or intents, it is important that you craft a well-thought-out document that clearly expresses your wishes. Even if you already have a will, there are certain life changes that may cause you to re-evaluate your goals and conclude that a new or updated will is necessary. Some of these major life events include:
A Change in Your Marital Status
Whether you are recently engaged, married, or going through a divorce, you will likely want to create or review and edit your will and estate plan to reflect these changes. You will also probably want to change your beneficiaries at this time.
The Birth or Adoption of a Child
If you have recently given birth, or have adopted a child, it is a good idea to set forth in your will and estate plan how, and by whom your child will be taken care of in the event something happens to you and your spouse.
The Death of a Family Member
When a family member dies, depending on their relation to you, you may need to change your beneficiaries. Moreover you may need to designate a new guardian for your minor children if they were your original choice.
A Change in Employment
If you change jobs, move, or retire, you will likely want to reevaluate your will if there is a significant change in income as a result of this change in employment.
A Change in Assets
If you have acquired or lost assets, or you have transferred or cashed in an asset, you will probably want to reevaluate your will. For example, if you buy a house, you will want to clarify what should be done with the house in the event of your death.
A Change in Federal or State Laws
Over time laws can change, and if you move to a different state, it’s important to know that the laws may be different than the state in which your will was originally drafted. Thus, in order to ensure the effectiveness and legitimacy of your will, you should make sure you will is drafted according to the appropriate state and federal laws.
If you’ve recently undergone a major life change, whether it’s one of those listed above or otherwise, it is probably a good idea to create or update your will. An experienced Indiana Estate Planning Lawyer can listen to your particular needs, and help you draft a legal document that clearly reflects your wishes. If you’d like to discuss your situation, one of our experienced Indiana Estate Planning Lawyers at Carr, Chelovich, Skadberg, & Kazmierczak, LLC are here to help. Call (219) 230-3600 or fill out the form provided on our website and schedule your free consultation today.