If you live in Maryland and have created a will, you should check it periodically to make sure that it is still correct. There are a number of different events or situations that can mean it’s necessary to revise your will.
The birth of a child, marriage, divorce and death are all times when it may be prudent that a will needs changing, but it might not always be obvious how that should be done. For example, you may want to consider changing your will before the divorce if you do not want your spouse to receive your assets in case something happens to you before the divorce is finalized. In a second marriage, make sure you have provisions in place if you want both your current spouse and children from the previous marriage to receive an inheritance.
Changes in beneficiaries
If your children or other beneficiaries have financial or substance abuse problems, you might want to consider placing your assets in a trust or taking other steps to protect their inheritance. Another reason to revise is if your minor child becomes an adult. If your relationship with your beneficiaries changes in some way, you might need to revise.
Changes in laws or your assets
Congress may change tax laws in a way that means you need to shift your financial strategy and revise your will. You might come into a lot of money or lose assets. Moving to another state or country are also reasons to change the will.
It can be all too easy to procrastinate on estate planning, but this can result in changes never being made and your wishes not being carried out. Regular review of your overall estate plan can help prevent this from happening.