Although 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 should be done? Here are five examples of life events that could mean an update to your will is in order.
1. Changes in your family.
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 you should consider an update to reflect these changes.
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.
Many estate planning experts 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.
Ally Bank has a variety of savings products to help you achieve solid growth for your nest egg, with interest rates among the most competitive in the country. Learn more at Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559) today.