Reasons You Need to Update Your Sanibel Will
Your will is like a car—it can require regular maintenance to remain highly effective. Life circumstances change with time, and your will also need to be modified accordingly. Below are some top reasons why you need to update your Sanibel will:
The Objects of Your Affection Can Change
A New Child
You may get an additional member of the family, such as a new child, stepchild, or grandchild. When any of these happen, you should consider revising your will and other estate planning documents to help avoid potential lawsuits and conflicts.
Your Child has Grown Up
You may have written your will when your child or children were young and placed all assets you intend to leave them into a trust. When they become of legal age, you will need to update your will and the entire estate plan
You Can Get Married, Remarried, or Divorced
When your marital status changes, your wishes about who you intend to leave your assets are likely to change significantly. For instance, when you marry, you may want your spouse to inherit a significant share of assets if you die before him or her.
You also need to update your will when you remarry, especially if you had children in the first marriage. Even though divorce automatically disinherits your ex-spouse, you may wish to leave some of your estates to him or her: in this case, you should state that in writing affirmatively.
Oher Objects of Your Affection Can Change
On the other hand, you may also decide to disinherit someone. Additionally, you may want to increase or decrease your charity contribution. Your beneficiary may die before you do. These circumstances would require you to change your will accordingly to avoid lawsuits and conflicts when you pass away.
Significant Change in Your Assets or Liabilities
When the value of your estate significantly changes (either increased or decreased) over a period, you should review and update your Sanibel will to accommodate the new changes. At this point, you should decide whether to maintain your current beneficiaries under the new circumstances.
If the composition of your estate significantly changes such as selling or buying a business or real estate, you should also reassess and update your plan.
Trustees or Executors Can Become Inappropriate
The people who implement your estate plan and establish its success can become inappropriate when the circumstances change. Also, you may not have made serious considerations during the initial appointments. You need to ensure that your trustees and executors are still willing and able to perform what you would like them to when you die or become disabled.
Getting Legal Help
These are just some of the primary reasons why you should update your will in Sanibel. Your circumstances may be different. Maybe you have just moved to live in Sanibel and need professional help to help you safeguard your property, even after your death. No matter what the reason, you need to seek the help of a qualified estate planning attorney to help you update your will appropriately. If you or know someone who has any question or need to book a consultation about your Sanibel will, do not hesitate to contact The Mattar Firm. Our qualified estate planning attorneys are always ready and willing to help you.