You may have committed a lot of thought, time, and energy toward establishing your Last Will and Testament document. So once it is squared away, you may be unwilling to return to it and open it back up for additions, subtractions, and other modifications. But it may get to a point where this estate planning document no longer accurately reflects the status of your estate or your preferences for how it is handled. This is when an update may almost be unavoidable. With this, please continue reading to learn the circumstances that constitute an update to your will document and how an experienced Broward County wills lawyer at The Probate Lawyers can teach you how to do so when the time is right.
Why Updating a Will Matters
Unfortunately, many people assume that once their will is established, they won’t have to think about it again. However, this is far from the truth, especially as your life and assets will change over time. As such, there may be circumstances that no longer reflect your wishes and thus warrant updating your estate plan.
What Can Go Wrong If Your Will Is Outdated
- Beneficiaries may be missing (such as failure to include grandchildren)
- Gifts may no longer make sense (you may have sold property)
- Your executor may be deceased, incapacitated, or someone you no longer trust
- Family conflict because your plan is unclear and no longer reflects your wishes
Under What Circumstances Should I Update My Will?
In general, many attorneys recommend reviewing your will every three to five years to ensure it still reflects your wishes. However, you may wish to update your will sooner if you undergo a significant life change. A change that may constitute such a review and reworking would mean that you will no longer make sense, given your new set of life circumstances. Common scenarios in which you may wish to update your will in Florida include:
Marriage, Remarriage, or Divorce
- Update beneficiaries or executors
- Review family inheritance intentions
Birth or Adoption of a Child (or New Grandchild)
- Include new beneficiaries
- Update how these assets are divided
- Create or change guardianship for minor children
Significant Changes to Assets
- Purchase or sale of real estate, especially common for Florida residents who may own property in other states
- Selling a business
- Receiving an inheritance
- Significant changes to your retirement plans or investment portfolios
Moving to Another State
Moving to another state requires you to ensure that your current will adhere to the estate planning laws of your new residence. As such, laws may vary from state to state regarding:
- Execution requirements
- Elective share and spousal rights
- Interpretation disputes
Your will may still be valid, but reviewing these matters to ensure full compliance with the law is critical for peace of mind.
Changes in Relationships
- Falling out with a beneficiary
- Death of a beneficiary
- A beneficiary becomes incapacitated or disabled
- Concerns regarding creditor issues, divorce, or financial illiteracy may arise
Modern Reason to Update: Digital Assets and Online Accounts
In decades past, many who established their will and estate plan did not have to consider the wide array of digital assets that you may have. As such, updating your will to include this information is critical to avoid issues following your passing.
Common Digital Assets People May Forget to Include
- Cryptocurrency holdings
- Paypal, Venmo, or other digital wallets
- Online banking accounts
- Photo and video storage
- Monetized social media
- Online stores and retail accounts
- Domain names
Why This Matters
Without this information, your loved ones may have a considerable number of issues regarding these matters. This includes:
- Inability to locate or access these accounts
- Delays in the administration of your will while trying to gain access
- Valuable assets may be permanently lost
How Should I Update My Will?
There are two ways to update your Last Will and Testament document legally and validly in the state of Florida: making a codicil to your existing will or executing an entirely new will. Simply put, the method you choose may depend on the drasticness of your life changes.
Option 1: Making a Codicil to Your Existing Will
A codicil is an amendment to your will that allows you to change specific sections of your will.
When a Codicil Makes Sense
Creating a codicil for your will is generally recommended for smaller changes. As such, you may find that it’s in your best interest to pursue this option if:
- Adding a single asset to an existing gift distribution structure
- Updating the executor (so long as the rest remains the same)
- Clarifying wording or fixing small errors
Risks of Using a Codicil
It’s important to understand that, though beneficial, utilizing a codicil can have risks. These include:
- Contradicting older language
- Creating ambiguity and uncertainty
- May increase the risk of Broward County Probate Court confusion and litigation
- Multiple codicils that accumulate over time may increase confusion
Option 2: Creating a New Will
In some instances, the safest option is to completely revoke and destroy your old will and establish a new one. This is often the case when updates to your will are substantial.
When Creating a New Will Is Better
- Major changes to your beneficiaries
- You have previously been divorced
- You have a blended family
- There are substantial changes to your assets
- You want to eliminate all potential contradictions
- You wish to update multiple parts of your will at once
Why a New Will Can Prevent Probate Issues
- Eliminates all conflicting or contradictory terms
- Reduces risk of misinterpretation
- Makes it harder for those looking to challenge the will to do so
Will Updates Must Adhere to Florida Legal Formalities
If you are looking to add a codicil to your will or create an entirely new document, ensuring you do so in accordance with Florida State law is critical.
Florida Execution Requirements
Under Florida law, your will must be:
- In writing
- Signed by the testator (creator of the will)
- Signed in the presence of two eligible witnesses
Florida Will Revocation Rules
In Florida, a will or codicil may be revoked through:
- A later will or codicil
- Other legally recognized methods of revocation (like the destruction of these documents)
When Updating a Will May Not Be Enough in Florida
Under certain circumstances, you’ll find that simply updating your will, whether through a codicil or the creation of a new document, may not be enough. As such, you may want to consider other estate planning tools to help ensure your wishes are honored upon your passing.
When You May Need More Than a Will
- You have minor beneficiaries and want a controlled distribution of assets
- You want increased privacy
- You want to avoid the probate process
- You are looking for long-term planning for healthcare and incurred expenses
Tools That May Matter More as You Age
- Revocable living trust – allows for increased control over distribution
- Beneficiary designations – important for life insurance, retirement, and bank accounts
- Healthcare directive and powers of attorney – can help ensure your wishes are met in the event you become incapacitated or unable to communicate your wishes
Contact Our Broward County Estate Planning Attorneys
As you can see, ensuring you update your will to reflect your current wishes and circumstances is critical. However, as this process can be complex, doing so under the guidance of an experienced attorney with The Probate Lawyers is critical. Our firm can help you determine the best course of action for your specific circumstances. Contact us today to learn more.
