It is important that you review your will at various stages of your life journey to make sure that it continues to reflect your wishes and that it accomplishes your estate-planning needs.
As a person’s life circumstances change, his or her testamentary needs change. Here are a few factors to consider as you decide whether it is time to review your will:
Your home is likely the biggest purchase you will make in your life. Make sure that wealth isn’t squandered.
Instead of paying rent for the privilege of living in someone else’s house, you are actually building wealth, as well as putting down roots.
Most people buy their homes with the help of mortgage companies or banks. As you make your monthly mortgage payment — part interest and part capital — you increase the equity in your home. Each month, you own more of your home and the mortgage company owns less. As time passes, your house also increases in value. That means you own still more of your home (again, your equity has increased).
By remortgaging your home to pay off other debts created by credit card use, car loans and personal financial crunches, you are depleting the wealth — or equity — in your home that you have worked so diligently to build up.
You are squandering your wealth. Please don’t use your home as an ATM!
At Francis Lawyers, we are in the business of helping you build your wealth through the purchase and prudent management of real property.