Florida residents who have established wills have taken an important first step in protecting their estates and assets for their heirs. However, creating a will should not be considered a one-time thing that is over once it is originally signed. Rather, Forbes recommends that a will be thought of as a living document, subject to change. That change may be necessitated by many factors.
Investopedia outlines some of the reasons that people may need to review and update their wills. These include the following:
- The birth of children or grandchildren or a new marriage that adds step-children or step-grandchildren to a family.
- The death of any beneficiary noted in the will.
- Marriage or divorce of the person who owns the will or of a beneficiary in the will.
- A large inheritance or other significant growth in overall assets.
Moving to a new state could also make reviewing a will important as every state has unique laws that can impact estate planning.
If a will is drafted when children are young and the time has come when they have left home and even started their own families, the purpose of a will could change. Tax law and estate law also evolves over time and these changes could warrant changes to a will.
Depending upon how a person’s family or wishes as well as estate portfolio grow or change, the need to add a trust to the estate planning mix may be something to evaluate. There are different times when a will or a trust may make the most sense for people.