Writing a will is not just a choice you can make overnight. You need to have a figure in mind of the beneficiaries to be included, so you know how you should divide your assets.
However, the fact that you now have a will doesn’t mean you’re done. You also need to ensure that the will reflects the changes that happen to your family, finances, and all other stakeholders. An experienced probate attorney in Colorado outlines the benefits of incorporating those changes into your will:
To address tax law changes
Tax laws change from time to time. Depending on the changes that might have happened, you might be forced to pay more than what you should if you don’t tune up your estate plan. Otherwise, you will find yourself paying less than what you should, a violation of tax laws that may lead to hefty fines. When you keep recording the changes, you get an opportunity to adjust to tax law reforms and find ways to minimize unnecessary costs.
To indicate the removal or addition of another party
If you would still want to retain the same individuals you named in your will, then there is no sense of updating it. However, if you want your newborn baby, wife or adopted child to have a share of your assets, you must put your desires into writing so that it becomes evident that you said so.
To indicate changes in asset value and ownership
After some time, you will likely inherit or earn more good fortunes in your name. Alternatively, you might sell part of your assets after you write your will. Consulting a lawyer can be a great idea. Changes in asset value and size mean the ratio in which you had initially distributed your property also changes. Therefore, be sure to check if everything stays the way you want.
Writing a will is something most people don’t want to dwell on since it brings in their minds that aspect of death. However, since you want the best future for your loved ones, you don’t have a choice but to provide them with an assurance through a proper estate plan.