If you have already drafted your will, congratulations! Current research shows that only a quarter of American adults have drafted a will, which means they have take responsibility for ensuring that their loves ones will not have to deal with an estate in disarray.
However, if you have drafted a will, then are circumstances when you will need to make changes to it. Here are 7 reasons to change your will:
Marriage. In Florida, if you die while married and have no children, all property will go to your spouse. If there are children, then your spouse will get half and the children the other half. If you want your spouse to inherit everything – or you have children from another marriage – you need to account for how you want your assets distributed in your will.
Children. If both you and your spouse were to die at the same time, you would need to provide instructions for how your children would be cared for. In your will, you can name a guardian for your children; in addition, establishing a trust allows you to have their assets managed until they become of age.
Middle Age. As we age, we are likely to accumulate more assets, which may include valuable art collections, antiques, automobiles, etc. Your will needs to detail who will receive these assets when you die.
Divorce. You will need to draft a new will if you get divorced.
Remarriage. You will need to draft a new will if you remarry.
Widowed. You will need to draft a new will if your spouse dies.
Relocation. Different states have different laws regarding inheritance, so you will need to have your will reviewed for any changes that need to be made if you move to another state.
At The Estate, Trust and Elder Law Firm, P.L. we help our Treasure Coast clients develop and implement comprehensive estate planning strategies personally tailored to their unique situation, needs, and goals. Contact us for your free initial consultation at one of our conveniently located offices in Fort Pierce, Stuart, Port St. Lucie, Vero Beach, and Okeechobee.