As you age, one of the most important things to do involves taking care of your estate plans. Updating your will regularly is a vital part of estate planning. If you’ve recently moved to Florida, you will need to address changes to your will as soon as possible.
Updating your will is a small step that has lasting implications on your estate. It likely took you hours upon hours to create your will the first time, so it would be horrible to find out that your will didn’t hold up in court in later life because you didn’t update it. That’s why an update is so important.
When you should update your will
Your will should have an update for each of the major changes in your life. For example, if you’ve just moved to a new state, you’ll want to change your address and contact information in your will at the very least.
Other changes, such as marriages, the deaths of loved ones, the births of grandchildren or divorce also require changes. Not updating your will at those pivotal moments could mean that your will isn’t what your beneficiaries expect later.
You should also update your will if you have changes in your assets. For instance, if you previously willed your home to a child but your child passes away, then you should will it to a new beneficiary. Likewise, if you gift an item to someone, make sure that asset is no longer in your will. If it is, there could be confusion later when the executor tries to dole out assets for your beneficiaries.
These are just a few situations in which an updated will is beneficial. Make sure to update it throughout your life, so your will is exactly like you want it and protects the correct assets.