A summer wedding is more than an event; it celebrates love, commitment, and new beginnings. Between planning the perfect ceremony, dreaming up the honeymoon, and blending lives, your to-do list can feel endless. But amidst all the joy and excitement, one crucial task often gets overlooked after major life changes like marriage: updating your will.
While it may not seem like the most romantic subject, reviewing and adjusting your estate plan is essential to protecting your future family.
Why Does Marriage Change Everything?
Marriage is a major legal shift—not just an emotional or social. When you get married, your financial landscape naturally changes. You now share assets, responsibilities, and possibly future plans like starting a family. If your will doesn’t reflect your new circumstances, you could unintentionally leave your loved one vulnerable.
For example:
- Outdated Beneficiaries: Your current will may list a sibling, parent, or even a former partner as the main beneficiary of your estate. Without an update, your spouse might not receive what you intended for them.
- Inheritance Disputes: If your will doesn’t clearly outline how your estate should be divided, it can lead to confusion or even legal battles among family members.
- Health Decisions: Plans like a living will or healthcare proxy should reflect your new spouse's role in your life. They may now become the person responsible for making medical decisions in emergencies.
Updating your will ensures your intentions are clear, your family is protected, and your spouse gets everything they’re entitled to.
Life Events Aren’t One-and-Done
While marriage is a major life event, it’s only one of many that might require you to revisit your will. Here’s a look at some other milestones and why they matter:
1. Welcoming a New Baby
Children change everything. Without updating your will, you can’t establish who should become their legal guardian if something happens to you. Updating your will ensures their future is handled by someone you trust.
2. Buying a Home Together
Owning property is one of the biggest financial decisions you’ll make as a couple. Including it in your will ensures that your spouse or loved ones can inherit or manage the property without complications.
3. Starting a Business
Your business is likely one of your most valuable assets if you're an entrepreneur. Whether your spouse joins in running the business or not, your will should outline what happens to it should you pass unexpectedly.
4. Divorce or Separation
While it might feel far from your mind, a divorce or separation also necessitates a review. If your circumstances have changed, you wouldn’t want an ex-spouse to remain a beneficiary.
The key takeaway? Don’t think of your will as something set in stone. Every major life moment is an opportunity to adjust and make sure your wishes align with your current reality.
What Happens If You Don’t Update Your Will?
Failing to update your will can have serious consequences. Many people assume state laws will protect their spouse automatically if they pass without a valid or updated will. Unfortunately, that’s not always true.
Here’s what might happen:
- Intestacy Laws Take Over: If you die without a valid will, the state decides how to distribute your assets. This often follows a preset formula that may not reflect your wishes.
- Unintended Beneficiaries: If your will is outdated, someone you no longer wish to benefit (such as an ex-partner) may legally inherit part of your estate.
- Stress for Loved Ones: Without clear direction, your family may face additional stress, delays, or legal challenges during an already difficult time.
The good news? All of this can be avoided with a little proactive planning.
How an Attorney Simplifies the Process
Updating your will may sound like a daunting task, but with an experienced attorney by your side, it can be surprisingly straightforward. Attorneys aren’t just there to fill out forms or use legal jargon—they’re problem-solvers who ensure your wishes are clear and enforceable.
Here’s how they can help:
- Personalized Advice: An attorney can assess your unique situation and provide tailored guidance. They can help address blended families or complex assets like business holdings.
- Legal Compliance: Will laws vary from state to state; even a small oversight could invalidate your will. An attorney ensures every “i” is dotted and every “t” is crossed.
- Peace of Mind: Knowing your family is legally and financially secure frees you to focus on living your best life.
Whether you’re creating your first will or making updates after marriage, an attorney can simplify the process and eliminate uncertainty.
When Should You Update Your Will?
A good rule of thumb is to review your will anytime you experience a major life change or at least once every 3-5 years. Life moves quickly, and regular check-ins ensure your plan stays up to date.
Questions to Ask Yourself:
- Has your family grown through marriage, children, or grandchildren?
- Have you acquired new assets, like property or investments?
- Are your current beneficiaries and executors still the best choices?
- Has there been a divorce, remarriage, or key family shift?
If you answered “yes” to any of the above, it’s time to revisit your will.
Estate Planning Lawyers in Goldsboro
At Pittman Agner, based in Goldsboro, North Carolina, we understand the intricacies of estate planning during life-changing phases such as marriage. We are here to offer personalized, professional advice to tailor your estate plan, ensuring it aligns with your evolving life and family dynamics. Contact us today at (919) 893-0090 to safeguard your future and protect your loved ones through meticulous estate planning.