Why you may need to update your will

| Jan 27, 2021 | Estate Planning

Creating an estate plan is not a task most people enjoy doing, so once they have completed it, it can be tempting to set it aside and not think about it anymore. However, you do need to review your plan from time to time to ensure that it is still up to date and will take care of your loved ones in the way that you intend. If you made the will in another state and have since moved to Florida, this is one reason that you should review and update your will.

Your family

Changes in your family are another reason to revise the will. If you marry or divorce or have a child, you need to update it to include your new spouse or child or to ensure that an ex-spouse does not receive a portion of your estate unless that is your intention.

You may also need to review the will when family members go through these changes as well. An executor or beneficiary might die, or you might welcome a new grandchild, niece or nephew who you want to include in the will.

Your assets

You might need to update your will if you begin taking distributions from a retirement plan or if your minor children grow up. You also may need to revise your estate plan if there has been a significant change in your assets. There might have been a change in tax or inheritance law that affects your estate planning strategy, so it is a good idea to review the plan every few years even if your family situation or assets have remained the same.

It is important to keep in mind that in addition to your will, you need to review all the other elements of your estate plan as well. This could include trusts, powers of attorney and beneficiary designations, among other documents. An attorney might be able to help you in going over the plan and determining what changes may be needed.