A will is one of the most important legal documents you can ever create. Done right, a will can safeguard your legacy, take the guesswork out of the equation regarding the distribution of your assets, eliminate potential conflicts and ensure that you leave a little something to the people you love. Without a will, it would be up to Oklahoma’s intestacy laws to determine what happens to your estate – and this might not sit well with you.
However, a will is a living document. This means that your will needs regular review and updating to reflect your present wishes. Here are two questions that can help you determine whether you need to update your will:
Have you become a parent?
Becoming a parent changes everything. For most folks, this is the first time they sit back and take most things seriously – like creating an estate plan if they had none. When you become a parent, it may be important that you review and update your estate plan to designate inheritance for your child.
Additionally, it’s often important that you designate a guardian for them. This is the individual who will assume legal custody of your child should something happen to you and the other parent.
Has your relationship status changed?
When you find the love of your life, you might want to add them to your will as one of your beneficiaries. Additionally, you might want to assign them other roles like the healthcare and financial power of attorneys.
However, if things fail to work, leading to a divorce, it may be equally important that you review and remove them from your will as well as strip them of their roles in your estate plan. If you do not, then they might end up inheriting your estate against your wishes when you die.
A will speaks for you when you are no longer around to make critical decisions by yourself. Find out how you can create a will that will reflect your wishes and prevent unhealthy disputes.