As we step into 2025, it’s essential to take a moment to reflect on a crucial aspect of personal planning that often gets overlooked: your will. Whether you have recently experienced significant life changes, or it’s simply been a while since you last reviewed your document, now is the perfect time to ensure that your will reflects your current wishes and circumstances.
Why Should You Review Your Will?
A recent study by LegalShield highlights a significant gap in estate planning among Americans. While 90% of respondents recognize the importance of having a will, less than half actually have one in place. The survey also indicates that inadequate estate planning has led to family disputes for 58% of participants and has resulted in some assets falling under court control.
Should you review your will in 2025? YES! Here’s why:
- Life Changes: Major events such as marriage, divorce, the birth or adoption of a child or the death of a beneficiary can all necessitate changes in your will. If you’ve experienced any of these situations, it’s vital to reassess your will to ensure that your current wishes are legally documented.
- Changes in Assets: The value and nature of your assets may change significantly over time. If you’ve acquired new property, investments or businesses, you’ll want to update your will to specify how these assets will be distributed.
- Changes in Relationships: Relationships can evolve. You may want to reconsider who you’ve chosen as your executor, guardians for your children or beneficiaries. If you find that your relationships with certain people have changed, ensure your will reflects that.
- Changes in Laws: Laws regarding estate planning can change, sometimes impacting how your will is interpreted or enforced. Regular reviews can help you stay informed about any legal modifications that affect your estate plan.
- Peace of Mind: Reviewing your will can bring peace of mind. Knowing that your wishes are clearly documented and that your loved ones will not face disputes after your passing can be immensely reassuring.
What to Look for When Reviewing Your Will
Stephen H. Hagler LLC can review your will and help you examine significant areas that can present conflicts. These can include:
- Executor: Is the person named as your executor still suitable for the role? Are they willing and able to carry out your wishes?
- Beneficiaries: Does your list of beneficiaries still reflect your wishes? It’s critical to re-evaluate this section regularly.
- Guardianship: If you have minor children, do the designated guardians still fit your preferences?
- Assets and Liabilities: Are all your significant assets accounted for? Have you acquired or disposed of anything that needs to be addressed?
- Specific Bequests: If you have promised certain items to specific individuals, ensure those bequests still make sense and are clearly articulated.
Augusta Wills & Probate Lawyer
As we look ahead in 2025, taking the time to review your will is a proactive step toward ensuring your wishes are honored and your loved ones are taken care of. Regular reviews not only help you navigate changes but also provide a sense of security. Don’t wait for another significant life event to motivate your review; make it a priority this year. Contact Stephen H. Hagler LLC today to schedule a will review soon. Your future self and your loved ones will thank you.
Posted on behalf of Stephen H. Hagler, LLC