14 Reasons You Need to Update Your Marco Island Will
A Marco Island will is a living document that needs to be maintained and cared for right up until the will owner passes away. It is important that the will owner and their estate planning professional get together to update the will and make sure it reflects the owner’s current situation. A lot can change in a year, and it is important to make sure that your will stays updated and current.
Divorce
When you and your spouse decide to end your marriage, you are ending a legal partnership that brings with it certain legal stipulations. It is extremely important that you update your will to reflect any changes in your personal, financial, or professional life created by your divorce.
Remarriage
Getting remarried after a divorce can completely change the legal foundation of your life. Your new spouse suddenly jumps to the head of the line when it comes to getting your assets when you pass on, that is unless you have not updated your will which currently lists your ex-spouse as your beneficiary. One of the first things you should do after getting remarried is updating your will to reflect your new situation.
New children
You always want to take care of your children in your will, but things can get complicated when you add more children from a new marriage. This is especially true if one of your new children has special needs.
Beneficiaries pass away
As time goes by, life changes and people pass away. You should always update the beneficiaries in your will to make sure that your assets go to someone who can actually use them.
Administrator passes away
If the administrator of your estate passes away, then that can cause total chaos if you pass away without making a change. The administrator of your estate as outlined in your will is a very important position and you should update it if your current administrator passes away.
Influx of new assets
If you get an inheritance or win the lottery, then all of that new money is going to need to be accounted for in your will. Especially if you want to use that money for something new that is currently not in your will.
Loss of assets
You can come into a lot of money, and you can lose money. If you lose assets, then you need to update your will so the probate court is not trying to distribute assets that do not exist.
Change of job
A change of job could mean an increase in your revenue stream, and that is going to need to be addressed with an update to your will.
New investments
If you bought new real estate or opened a new investment account that is not in your will, then those assets might wind up being distributed by the probate court against your wishes.
New beneficiaries that need to be added
New children and spouses mean the need to update your will to add new beneficiaries.
New estate or tax laws
An experienced estate planning professional often creates situations in your will that are designed to protect your beneficiaries from new tax or estate planning laws. If those laws change, then your will needs to change as well.
Started a business
If you started a business since the last update of your will, then you will need to address issues such as succession and business assets in your will.
Closed a business
If you have closed a business since you last updated your will, then you will need to have any of the provisions for that business removed from your will immediately.
Started a charity
As one of the byproducts of coming into new wealth, you might want to start a charity upon your death. This is very common and can be handled in your will.
Life is a very dynamic thing that can change quickly. If you do not keep your Marco Island will updated, then the changes you experience in your life could quickly make your will obsolete.
The Mattar Firm has many years of experience in helping people to keep their wills updated. We invite you to give our hard working estate planning attorneys a call and set up an appointment to have your will reviewed and discuss any changes that need to be reflected in an updated document.