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It may be time to update your will

There are a lot of things in life that we never get around to doing. As we age, we often acknowledge that the time to do something and enjoy it has probably passed. But one thing never goes out of style, and often becomes more relevant as we get older and wealthier.

Writing a will is often a difficult subject to approach. We never want to think too much about the end of our own lives. But our children and other people we leave behind are why we write a will and consider updating it often. In fact, having a child or grandchild is a good reason to start the process.

Marriage or divorce can also change priorities, and the same events for adult children can as well. A child becoming an adult may also create changes. The same is true when it comes to trusts, which we often use to preserve and grow wealth for future generations.

If you end up at a different level of wealth because of great success or an inheritance, it is probably time to reconsider what would happen to all of your assets. Any changes in the laws that govern trusts and inheritances may also change how you want them set up.

An attorney can always recommend on when to write or update a will based on these and other factors. It always gives people and their beneficiaries peace of mind to know what to expect when it's time to share or transfer a lifetime worth of assets to children or treasured charitable causes.

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