When Should You Update Your Will?

All adults in Florida should have a last will and testament drafted in the event that they pass away. Even if you only have a bank account or a vehicle, a will can ensure that they are distributed according to your wishes. Perhaps you have considered drafting a will, or maybe you already have one in place. Even still, setting it aside and never giving it another thought is not enough. It is important that you review your will regularly to determine if it needs to be updated.

Any Change in Familial Circumstances Requires Updating 

It has been said that the only constant in life is change, and this is true when it comes to your familiar circumstances, as well. If any of the following life changes have occurred in your family, it is time to review your will, as it likely needs to be updated.

• Marital status changes: If you have just gotten married, gone through a divorce, or are grieving the loss of your spouse, it is important that you review your will. You may have to change your will so your former spouse is no longer included, or you may want to make sure a new romantic partner is included to ensure there is a legacy left for them.
• Additions to the family: If you have recently welcomed a new child or grandchild into the family, you may want to include them in your will to ensure there is an inheritance left for them.
• Family losses: It is a sad part of life but, families also sometimes lose family members. If one of your children has gotten a divorce and you named their partner in your will, you should update it to exclude them. Similarly, if there has been a recent death of someone named in your will, it is also time to update the document.

Changes in Your Finances

 Over time, your financial situation may change. You may obtain a greater amount of property, or you may acquire property in a different state. Updating your will during this time is of great importance so you can make administering your estate simpler and possibly avoid probate in other jurisdictions.

Every Three to Five Years 

Even without significant changes in your family or finances, you should still review your will every three to five years. The estate planning laws and tax laws change over time, or there may be changes in your personal situation that you have overlooked. Regularly reviewing your will ensures that you do not miss making important updates. Most attorneys recommend that you review your will every three to five years so you can make any necessary updates.

Our Wills Lawyer in New Port Richey Can Review Your Documents with You 

If you need to review your will, do not do it without obtaining legal advice. At Messina Law Group, P.A., our New Port Richey wills lawyer can review all of your estate planning documents with you or help you draft them if you do not have any in place. Call us now at (813) 492-7798 or contact us online to schedule a consultation and to learn more about how we can help.

Source:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html