Should I update my will if I have another child? When you first sat down to create your estate plan, your family size may have consisted of fewer children than it does today. The birth of a child is an excellent reason to update your will. However, that does not mean that it is fully necessary in all circumstances. It is important to make this decision with the help of an experienced attorney.
Update Your Will After the Birth of a New Child Under These Circumstances
At a minimum, after the birth of your child, it is crucial to contact your attorney. He or she may recommend an update to your will for the following reasons:
- In addition to the change in your family size, there may be other changes in your circumstances that warrant an update to your will.
- Your will may have been drafted so that your children are specifically named instead of referred to in a broad term. In these cases, it is important to update your will to name all of your existing children.
- The birth of a child is an excellent reason to meet with your attorney to discuss an update to your estate plan as a whole, including your will. Even if you ultimately decide that an update is unnecessary, the meeting will have been valuable since you took the time to review your circumstances and discuss your options.
- The birth of a new child means that you have a minor, and that you will need a guardian appointed for a longer period of time. You may decide that the birth of your child is a reason to update your guardian appointment in your will.
- If you do not want your assets shared equally among your children, the birth of your new child is an excellent reason to modify your will in order to accurately reflect the inheritance that each child should receive.
Should I update my will if I have another child? If you are interested in learning more about updating your will after the birth of a child, we encourage you to contact us today. Send us an email today!