14 Reasons you Need to Update your Naples Will
A will is a dynamic legal document that needs to accurately reflect your life and your wishes. As life moves on, things change and that means that your will should change to. If you do not have a will, then you should get one immediately. If you do have a will, then there are many reasons why you should spend time with your estate planning professional updating your will and making necessary changes.
You become divorced or widowed
When your marital status changes, you want to make sure that your estate is structured properly for current and past spouses.
You remarried
You need to determine if and how you want to provide for your ex-spouse in your will. If you do not change your will, your ex-spouse could get everything.
You had more children
The probate court is not going to consider your younger children from later marriages unless you make provisions for them in your will. However, not providing for all your children could cause your will to be contested.
Your beneficiaries have passed away
One of the unfortunate consequences of time is that people pass away. If your beneficiaries pass away, then you need to update your will with new instructions.
You want to change beneficiaries
As life goes on, family relationships and friendships change. If you have a change of heart towards one of your beneficiaries, then you will want to get your will updated as soon as possible.
You want to change your estate administrator
The estate administrator you have named in your will may have passed away or indicated that they no longer want the responsibility of managing your estate after you pass away. If this is the case, then you need to name a new administrator as quickly as possible.
You came into wealth
When your financial fortunes change, you should update your will to reflect any changes you want to the distribution of your wealth after you pass on.
You lost wealth
If your business fortunes go bad, then you will want to make sure that your will does not try to distribute funds you no longer have.
You have a special needs dependent
Special needs children and adults will need to be taken care of after you pass on and you will need to make those arrangements in your will.
Your assets have changed
Any real estate you have sold recently that was designated to be given to beneficiaries in your will would necessitate a change in your will.
You added significant assets
To make sure that the new 15-room home you bought gets left to your spouse when you pass, you need to make the necessary changes to your will.
You want to leave money to a charitable organization
In your later years you might decide to start working with a charitable organization that you truly enjoy. If you would like to leave that organization money from your estate, then you will need to change your will.
You started a business
Your business will need help from your estate to continue if you unexpectedly pass away.
You want to add a secondary administrator
If you do not have a secondary administrator named in your will, then the probate court will assign an administrator if your primary passes away. To make sure your wishes are honored, you should have a secondary administrator in your will.
You can contact one of our estate planning attorneys today to get your will started, or go through the important process of updating your current will.