When to Update your Marco Island Will
One of the most important tools of elder law and estate planning is the will. A will is a document prepared by a legal professional that outlines, in detail, how you would like your assets and property to be distributed when you pass away. Each state has its own laws as to what is considered an acceptable will, which is why you should have your will done by a professional.
Wills are not static documents. They change over time, it is important to make sure that you update your will whenever necessary. A Marco Island estate professional can help you to update your will, but you have to be the one to decide when it is time to update.
When Your Marital Situation Changes
Wills are like a moment in time in that they capture everything relevant in your life at the time they are written. However, no state has laws that force wills to change based on the changes in your life. If your marital status changes, you need to get your will updated to reflect that change.
Whether you get divorced or are widowed, you need to alter your will to reflect these changes. When you re-marry and have more children, it is essential that your will be updated to accommodate all of your children.
When Your Financial Fortunes Change
If you leave a large percentage of your assets to your spouse to help your spouse maintain the quality of life you two have enjoyed and your financial resources decline over the years, then that provision in your will is no longer valid. Whether you have a sudden windfall into your bank account or your retirement account gets lost in a stock market crash, you need to adjust your will.
When Your Health Situation Changes
No one wants to think about the possibility of being diagnosed with a terminal disease or being involved in an accident that could eventually become fatal, but these things are a fact of life. If you are given this type of tragic news, then updating your will is part of the process of getting your affairs together.
When Your Beneficiary Situation Changes
If a beneficiary from your will passes away before you do, then you need to update your will as soon as possible. It is common for people to forget to change their will when a beneficiary passes away, which can make getting your will through probate a little more complicated.
When you do not take the time to update your will based on the changes in your life or the lives of those around you, then that could cause your will to be challenged in probate. It is important to visit your estate planning attorney to update your will whenever your life experiences significant changes.