Having a will is a great way to ensure that your loved ones are taken care of when you die. However, simply having a will and not updating it is not good. You cannot create a will in your 20s or 30s and then let it sit well into your 60s without updating it at least once or twice. Let’s look at the important milestones in your life that signal it is time to update your will.
Often, people create their first will when they tie the knot. If you already have one when you get married, this is a milestone when you need to update it. So is divorce, if the marriage doesn’t last.
Your will should be updated not long after you have your first child. It should then be updated with each subsequent child’s birth. This helps ensure that all the children are covered by the will and have guardians listed for each of them.
Did one of your beneficiaries recently pass away? You need to update the will to name someone else as the beneficiary. This prevents the assets from being left to the original beneficiary from going into probate or winding up in the hands of the state.
If you have recently sold or purchased a large piece of real estate, it’s smart to update your will. Buying a home makes it necessary to have you will updated, especially in case you and your spouse were to die at the same time.
Now that you know when you should update your will, it’s time to take a good look at your current version. Has it been updated lately? Have there been major changes in your life? Make the appropriate updates with a Florida estate planning attorney today.