While Ally Bank doesn't provide estate planning services or legal advice of any kind, we are dedicated to providing information that helps you make good financial decisions. And when it comes to protecting your financial legacy, it's hard to over-emphasize the importance of having a will.
Once you've established a will, what events mean an update will need to be done? Here are five examples of life events that could mean that an update to your will is in order.
1. Changes in your family.
Families are always changing. Has anyone been born or passed away recently in your family? What about changes in marital status? Has there been a divorce, an adoption, or perhaps several of these types of changes? All of these may affect your will in some way, meaning an update will need to happen in order to adjust to the change.
2. Changes in assets.
Buying or selling a large asset such as a home probably should mean an update to your will. To avoid leaving family members wondering about your wishes — and perhaps painfully disputing them — be sure to account for any major assets as you acquire them as well.
3. Changes in your location.
If you move to a new state, you'll need to consult with an attorney to determine whether your will needs to be amended due to state inheritance tax or other considerations. Estate laws differ from state to state, so your will needs to be reviewed by a qualified professional.
4. Changes in tax laws.
Stay current on any tax laws. If there's anything you're not sure about, consult an advisor or lawyer so you know what to expect, and can take any necessary steps to secure your estate.
5. Regular reviews.
The estate planning experts we've talked to say it's a good idea to set aside time every two or three years to review your will and see if it's in need of an update. Will updates are an easy way to make sure your loved ones know your wishes for your estate.
Make it a regular practice to determine whether you need to update will provisions for your family. And to achieve solid growth for your nest egg, be sure to look into savings strategies that will afford competitive rates of return.
Ally Bank has interest rates that often rank among the most competitive in the country. You can learn more by chatting with 24/7 live customer service at Allybank.com, or by calling 877-247-ALLY (2559).