Your will is a powerful legal document that honors how you wish to distribute your wealth upon your passing. While this estate planning tool has no expiry date, its content can become outdated.
As you grow older and experience a series of growth within your family and finances, your document must also be an accurate reflection of your current circumstances.
To help provide a better understanding on this topic, here are three types of life events that may signal a review and update of your existing will:
A change in your family size or marital status
Any type of change in your marital status or family size such as a marriage, a divorce, the birth of a child or a death in the family must also reflect your will.
For example, under Florida statutory law, any provisions in your will that names your former spouse as an heir is automatically null upon your divorce. However, this does not mean that your will is updated. A good rule of thumb to practice is to review your document with a lawyer to ensure that it is revised in a timely manner.
A change in your location
Whether you are planning to move to a new state or have recently relocated to Florida, an estate planning lawyer who services your new location must review your will. Their legal guidance on this matter helps ensure that your document is drafted according to the laws of your new state.
A change in your finances
Since your will includes a list of your property and assets, any increase or decrease in your estate’s size must also reflect your will. This approach can make your estate administration process smoother and help avoid the possibility of legal disputes from your heirs in the future.
Safeguard your future the right way
By understanding which types of life events warrant a review of your legal document, you can help protect your assets and safeguard your family’s inheritance.