Far too many Floridians in and around Naples live without a will, even those you would certainly expect would have one. However, even those who have wills do not update them as regularly as they should, which can lead to legal frustrations.
Maybe you’re thinking, “I don’t think I need to change my will,” but you should examine your recent life changes since creating your will to be sure. There are many reasons to change a will, but they generally fall into a few categories.
Most commonly, your beneficiaries change after you create your will, and you need to update the document properly so that your will properly reflects those changes.
Also, you may experience a significant change in assets and your will may no longer appropriately deal with your estate.
If you think you may need to update your will, it is always wise to do so with the guidance of an experienced attorney to make sure every aspect of your will is properly written and fully addresses your legal opportunities and obligations.
Reasons to change your will
Did you create your will before getting divorced? If so, then you almost certainly want to change your will. It is unlikely that you still wish to name your former spouse as a primary beneficiary to your estate.
Similarly, if you created a will before getting married or having a child, you want to amend it to reflect these changes. While state probate laws generally favor a decedent’s spouse and children, a will that directs your assets elsewhere can leave them high and dry until the matter is sorted out, which could take a long time. The same principle applies if you gain or lose any other beneficiary, such as a sibling, parent or grandchild.
Another reason to revisit your will involves significant changes in your income and net worth. If you created your will when your net worth was roughly $300,000, for instance, and your net worth is now $500,000, it is wise to amend your will to reflect the change.
You don’t want to leave anything to chance when it comes to which beneficiaries might receive or miss out on their share of your additional net worth.
Don’t let loved ones suffer from your poor planning
These are only some of the reasons that you might choose to amend your will. The important thing is to make sure that you specify your wishes in a legally viable document.
With proper guidance from an experienced family law and estate planning attorney, you can rest assured that your loved ones will not suffer from poor planning. Do not hesitate to reach out for professional guidance to ensure that your wishes are clear and your rights remain secure.
Source: Nov. 30, -0001