When should you update your will?

When should you update your will?

On Behalf of | Dec 8, 2020 | Wills And Trusts |

Writing your will in Louisiana isn’t necessarily something that you do once. Throughout your lifetime, you’ll update and revise your will to make sure that it’s current and fairly distributes your assets after you die. When you make a major purchase like a house, it’s important to update your will so the house can be passed on after you die. Here’s what you need to know about revising your estate plan.

When should you revise your estate plan?

Once you buy a new house, it’s time to start thinking about estate planning. If you don’t mention your house in your will, and there is no joint tenancy, the court will decide how the property is distributed after you die. In most cases, the property will be given to your spouse or children, even if that’s not what you would have intended. If you don’t have a spouse or children, another relative might end up with your house.

To make sure your assets are distributed according to your wishes, it’s important to update your estate to include your new house. If you want to keep it simple, you can name someone to receive your house after you die. However, keep in mind that they might have to deal with property taxes and mortgage payments. You can also allow your heirs to buy the house and distribute the proceeds according to the stipulations in your will.

You could also donate the house to charity or instruct the executor of your will to sell the house, then donate or distribute the proceeds. Additionally, an attorney could help you put the house in a trust so your underage children can inherit the house when they’re adults.

Should you hire an attorney when writing your will?

An attorney could help you make the best decisions that protect your assets and benefit your family members after you die. If you’re not sure what to do with your assets, an attorney could offer advice on dividing up your estate. And if you know how you want to distribute your assets, an attorney could help you write your will, create trusts and more.