Studies show that the average person considers updating your will once every 19 years. A lot can happen in 19 years that will require an update to your will. Circumstances change over time and your will should reflect those changes. The top reasons to update your will include changes in your relationships or your family, changes in location, changes in assets, and changes in tax laws.
The Will is a written instrument executed with the formalities required by state law, whereby a person makes a disposition of their real and personal property to take effect after their death. The primary purpose of the Will is to dispose of the probate property to named beneficiaries. If you die intestate, meaning without a Will, the probate court will apply state law to appoint an administrator to handle your affairs and determine who is entitled to your property upon your death. Not only is it costly to an estate to leave such decisions to the probate court, but also the choices made under the laws of intestacy may not coincide with your wishes.
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