Writing a will represents a helpful step that could make things move faster for heirs when a loved one passes away. A testator may live for many years while keeping a will in a safe location, and his or her life may change in some ways as time passes. For example, the testator might move to a new residence that is not in Tennessee, and the move could necessitate making changes to the will.
Updating a will when necessary
A person’s net worth and asset ownership might not be the same from one year to the next. When significant life changes occur, such as getting married or coming into substantial wealth, updating the document to address the changes seems wise. A move to a new residence might also prompt a change, although not everyone may immediately make alterations. Failing to do so could be a mistake.
Laws vary from one state to another, and drawing up a will that adheres to the legal requirements of the testator’s residence seems wise. If the will requires little or no changes, then merely signing the will again in the presence of the required witnesses might be enough. However, the opportunity to revise wills and estates arises, so why not take advantage of it?
Returning to the estate planning drawing board
When revisiting a will after a move, it could be helpful to perform an audit of assets. For example, someone who sold a home in a different state and purchased a less expensive one in Tennessee invested the money. The new financial situation may spur equally new decisions about asset distributions. Other changes could include adding new beneficiaries, naming a new executor, or leaving more to charity.