It might be easy to assume that once you have written your will, there is nothing further you need to do about your estate planning. However, it is important for you and other Florida residents to understand that wills should be updated periodically. The will that you wrote 10 years ago is not likely to accurately reflect your wishes or circumstances today.
There are a few conditions that necessitate an updating of your will, or at least a review to be sure the wishes you had a few years ago still apply, as FindLaw explains. For example, you might want to change your will in the following situations:
- You got married or divorced.
- You had children or adopted since the last time you updated your will.
- Your children reached adulthood.
- Someone who was named in your will passed away.
- You had a significant increase or decrease in your assets.
- You wish to add or exclude someone from your will, or you want to change your designated executor.
It is a good idea to review your will every three to five years, as well as to do research to see if the laws regarding estate planning and estate taxes have changed. If you are still unsure, a good rule of thumb is to review your will whenever there is a significant change in your life or finances. Estate planning is not always complex, but it can help to seek experienced counsel. Therefore, the information presented in this blog post is not meant to substitute for the advice of a lawyer.