Do your parents have a will? If not, it’s time for them to address it. If they do, when was it created? It could be time to update their will if certain circumstances have changed. Here are the reasons to update a will.
They Move
Moving to a new state may mean the will they have will not be handled the same. Estate laws vary from one state to the next. Most states require two witnesses, but the qualifications of the witnesses may be different. Sometimes, a notary public’s stamp and signature are also required.
A New Grandchild
If a new grandchild or great-grandchild is born, that may change the way money is dispersed. Your parents should consider changing their will to create a trust for the new child.
Their Income Changes
Your dad likes to buy lottery tickets. While the odds are low that he’d ever win, he’s landed a substantial jackpot. This increase in wealth should have him seeking a consultation with an estate attorney. He needs to consider what happens with that money if he passes away.
He might want to create living trusts or donate some of the money to his favorite charity. Either way, it’s all something that his will should address.
Their Marital Status Changes
If their marital status changes, it’s essential to update their will. This may include the death of a spouse or remarriage.
Suppose your dad died. Your mom needs to update her will to account for his death and any changing finances. His death may have led to a drastic reduction in pension income or Social Security. His funeral costs or medical expenses may have depleted savings.
While your mom is a widow, there is the chance she will remarry. If that happens, she’d need to update her will to consider her new spouse.
In addition to changing her will, she should also talk to an elder law specialist to change her durable financial and medical powers of attorney. This is especially true if your dad was the agent named on these two important legal forms.
Many online sites offer free will planning software. While it saves money, your parents need to be cautious. If they use this type of service, it may not meet their state’s laws. One typo could be disastrous. Your family wouldn’t want to end up in court due to an improperly prepared will.
It’s best to hire an expert in elder law. Your parents are assured that the will they’ve worked with an estate attorney to create is legal, and nothing has been overlooked. Isn’t the peace of mind worth it? Call an elder law expert today to ensure your parents’ wills are legal, whether it’s their first will or an updated one.
If you or a loved need assistance with Elder Law in Pelham, AL contact Nolan Elder Law & Estate Planning today. (205) 390-0101