Important Reasons For Changing A Will
December 29, 2014
Creating a will is difficult for some people, and it may be tempting to not think of the document again after it is finalized. However, there are important times when Florida residents may need to reevaluate a will or make edits that reflect significant life changes.
Children, parents or siblings may inherit an estate when a significant other is not in a will, but a spouse may receive up to half of an estate if not mentioned in a will. In many cases, a spouse will be entitled to some portion of the joint property unless he or she has consented to receive nothing.
Some or all of a will is revoked when a divorce occurs, but one would likely need to revise a will to change who is receiving the assets that formerly went to a spouse. One may also need to make changes to a living trust, living will or durable power of attorney. Another change may be necessary if one remarries, and both partners may need to discuss wills and trusts with an expert since one or both parties could have children or others to take care of.
It is especially important to make or edit a will when one becomes a parent, as this lists what should happen if both parents die while a child is still a minor. Parents need to name a guardian and could set up trusts for children that a surviving spouse or someone else could oversee.
There are many considerations involved when forming an estate plan, but creating a solid outline early on may make it easier to execute necessary changes later. A lawyer well-versed in estate planning may be able to assist with the subsequent documentation.