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Estate Planning: Reexamine Your Will

A will is not something you plan, draft, finalize, get stamp and be done with it. Your will needs to get updated too every once and a while or if there is a major change in your life such as remarrying or in an event of a divorce. You reexamine important points in your will and make necessary adjustments to it. It is practically an ongoing thing and never a one-time deal. I am telling you this because I have a lot of friends who haven’t had a peek on their wills since they first drafted it and I won’t be surprised if the lawyers who assisted them on their wills are long dead by now either. This is not healthy and it will only cause trouble once you’re gone. Even if you are not there anymore to witness such family disaster, save them the energy by leaving them an updated will at the very least.

Here are some events in your life that you need to take note of as it will need you to reexamine your will as soon as possible.
•    You got hitched. Whether you are leaving your partner everything you have in an event of your death or would not want him or her to inherit anything from your property before, during and after the marriage, you will need it written on your will as your partner does not automatically become your heir especially if you have children.
•    You got a boyfriend. Or girlfriend. Having a partner, married or not, living together or not, if you want them to be your sole heir, you need it written on your will or else they will get nothing and if you don’t have any children left, your estate will go to your relatives or next of kin. If none can be found then it will all go to the state.
•    You adopted a kid – or perhaps you were granted by law as a guardian to your grandkids or custody of them and you would want them to be cared for when you pass away. Since you would like to specifically name them as your heir, you need to include their names on your will.
•    There are changes on taxes and laws. Like I said, tax is a really complicated thing. One moment you’re burdened with taxes, next thing you’re eligible for an exemption. Plus there are many loopholes you could explore when trying to cut back on your taxes. Try to take advantage of them while you can.
•    Your better-half died. As much as it is a very emotional devastating moment for you, you need to be very careful during these times as your actions can affect your will and your spouse’s too. It is always best to seek help from experts or your family lawyer in such difficult situations. If you trust them enough, let them take care of it while you mourn and  get over the loss.

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