When Is It Time To Update Your Will?
Drafting a will is a very responsible and important step that every adult should take. However, simply creating a will is not enough. Many people think that once a will has been created, the work is over and they do not have to think about it again. This is a mistake. Wills need regular updating and there are certain circumstances that will require you to review your will and determine if you need to make any changes to it. Below, our Daytona Beach wills and trusts lawyer outlines when these are.
A New Birth in the Family
Many people create a will so they can expressly leave an inheritance to their children or grandchildren. As such, any time there is a birth of a new child, it is important to review your will. Consider what property you want to leave to them and include this in your will. If you have not already, it is also important to consider who you would like to name as guardian for any of your minor children in the event that you pass away.
You are Thinking About Divorce
If you are considering divorce, it is important to review and change your will as soon as possible. If you have not changed your will by the time your divorce is finalized, the probate courts will proceed as though your spouse passed away, so they will not receive any of your property. Still, if you pass away before your divorce is final, your spouse will still inherit property you likely did not want to leave them.
Your Children Get Married
If one of your children gets married and they do not have a prenuptial agreement, leaving them property in your will can ensure they still receive their inheritance. You can also ensure their spouse will not receive any of it. As long as your child does not commingle the property with marital assets, the property will remain separate if your child gets a divorce.
An Executor or Beneficiary has Died
If you have appointed an executor or named a beneficiary in your will and they have passed away, it is critical that you review and update it. Otherwise, your will may be deemed void and your final wishes may not be fulfilled. Even if you have appointed a second executor in your will, you should still review it to determine if changes need to be made and to name another executor, if necessary.
Younger Children Have Grown Up
Perhaps when your children were first born was when you first created your will to ensure they were provided for. As such, you may have names your spouse, parents, or even a sibling as executor of your estate. If your children have now grown up, you may want to change your will so you can appoint your adult child as executor.
Our Wills and Trusts Lawyer in Daytona Beach Can Help with Revisions
The above scenarios are just a few times when you should review and potentially revise your will. At Bundza & Rodriguez, our Daytona Beach wills and trusts lawyer can review your current will, talk to you about your goals, and revise the current document or create a new one so your family is fully protected. Call us now at 386-252-5170 or contact us online to schedule a free consultation and to learn more.