By creating a will, you have taken a giant step in a positive direction. For your will to be effective, however, you need to keep it updated.
Here are four reasons that you should update your Alabama will.
1. You move to another state
Estate planning laws vary by state, so if you are moving to or from Alabama, you should update your will to make sure it meets the state’s requirements. Updating your will in a new state is simple when you already have one in hand.
2. You need to change your beneficiaries or executor
If you have additions to your family who you would like to add as beneficiaries, now is the time to do so. Likewise, if you want to remove a beneficiary from your will or change an executor, do not waste time making the change to avoid complications down the road.
3. Your assets or liabilities change
When your assets or liabilities increase or decrease, this change affects the distribution of your assets after your passing. To avoid speedbumps when settling your estate, you should continuously update your will to reflect the current state of your financial affairs.
4. You are marrying or divorcing
As you leave or enter a relationship, promptly updating your will is vital. If it does not accurately detail your final wishes, settling your estate may be messy for your survivors.
These four life changes warrant updating your will to help your loved ones avoid complicated scenarios after you pass.