June 30, 2011
Remember to Update Your Will with Every Life Changing Event
Having a baby and getting married are all joyful times in our lives. The one thing that we may forget to do during this happy period is update our Will to reflect our changed marital status or new parenthood status. However, these are some of the most important times to reflect on how we would like to provide for our loved ones or maintain our real or personal property.
Reviewing all of your Estate Planning and Last Will and Testament, along with your Living Will, Power of Attorney, and Durable Power of Attorney for Health Care, will give you and your family the piece of mind necessary to feel secure no matter what may happen. While we don’t need to dwell on the idea that our loved ones will die, it is important to have a solid understanding of what will happen to everything from jointly owned properties, to how our surviving family will be provided for, in the event of an unexpected accident or worse.
In particular after the birth of a child, your situation will change dramatically in terms of how you will set up and establish heirs, and your executor, as well as a guardian for your child. You may decide that a Trust situation will serve the best interests of your child better than anything else and simply have a Trustee to oversee the estate.
Seeking the counsel of an experienced Family Law attorney for the information that is specific to your individual situation, and the best course of action for you to follow, is always the wisest choice.
If you have questions about this posting or are interested in Divorce, Immigration, or Estate Law in RI or MA contact Massachusetts and Rhode Island Divorce Lawyer Rui P. Alves at 401-942-3100 or CONTACT him via email.