You made a will last year. Now you want to update it and make some changes. Do you need to make a completely new will?
You know that most people don't have a will, and you set out to change that at least for your family. You draft a will, decide who should get your major assets, talk to your heirs about what they want, and then put the will in your desk.
As you write your will and attempt to decide what to do with your family home, you realize that you could still have an outstanding mortgage loan when you pass away. In an ideal world, you'll pay it all off first, but you never know what the future holds.
People often put off writing a will until something happens that makes the need for one more obvious than it has ever been before, and they wonder why they haven't done anything for decades. They scramble to get everything together.
Did you just have your first child? Congratulations! It's an exciting time in your life, and you're probably wondering what you need to do as a new parent. While there are a lot of steps you need to take, let's focus for a moment on one of the most important: writing a will.
You're writing a will, and you mention to a friend that you worry about your heirs starting an estate dispute. One in particular seems like they may be unhappy with your decisions and may drag their siblings into court.
It's the basic question behind the start of estate planning: What assets do you have? What do you want to happen to those assets?
A will is, for many people, the basis of the estate plan. It's the first document they draft. It may be all that they think they need.
You know that you need a will, and you know that it is best not to put off writing it. However, you also feel like you have decades left -- barring an accident or something else unexpected -- before your heirs will need to use that will.
When you cut someone out of your will entirely, it's known as disinheriting them. They get nothing from your estate. It's a drastic step, but one that some parents opt to take.