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.
Under what circumstances should I update my will?
The general piece of advice we give to our clients is that they should return to our services to help update their Last Will and Testament document once they undergo a significant life change. A change that may constitute such a review and reworking would mean that your will no longer makes sense given your new set of life circumstances. More specific examples of this include, but are not limited to, the following:
- You get married, remarried, or divorced and must change beneficiary designations.
- You have more children or grandchildren and must account for new beneficiaries.
- Your financial situation changes and you must consider new estate tax implications.
- You move to a different state and must recognize your new state’s estate laws.
- You buy or sell real estate property and must disclose such in your inheritance provisions.
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.
For example, say that your life change has to do with acquiring a new and significant asset, such as a real estate property. Well then, you may attach a codicil to your existing will that directs which of your already-mentioned beneficiaries is to inherit this piece of property at the time of your unfortunate passing. This may be easily tacked onto the inheritance you already arranged for them in the terms and conditions of your existing will.
On the other hand, say that your life change is with welcoming a new child or grandchild into your world. If you wish to add them as another one of your beneficiaries, this may significantly alter how your assets are divided. Directions in a codicil may directly contradict what you arranged in your existing will. Therefore, to avoid future complications in a Florida probate court, it may be in your best interest to revoke your existing will and creat an entirely new one.
If you have any outstanding questions yet to be answered, please ask a skilled Broward County estate lawyer. Anyone at The Probate Lawyers can offer the support you need.
