Six Reasons To Update Your Will In Tampa
A will is one of the most basic yet important estate planning documents. In the event of your passing, it conveys final wishes, details property and assets, and designates who is entitled to inherit from your estate. Even if you already have a will in place, it is important to ensure your will is updated regularly. Our Tampa estate planning lawyer details six common situations in which changes need to be made.
When To Update Your Will And Other Tampa Estate Planning Documents
A last will and testament is filed through the Hillsborough County Probate Court in the event of your passing. It conveys your final wishes and helps to spare your family from going through contentious, time-consuming, and potentially costly legal proceedings.
According to Gallup polls, nearly half of all adults do not have a will in place. Even if you have already created a will, it needs to be updated periodically to ensure it remains valid and reflects your current circumstances. Common situations in which you may need to update your will include:
- You experience changes in income.
If you stop working or experience a job loss, receive a significant raise or bonus, or take on a higher-paying position, consider updating your will to reflect these changes.
- You have changes in property, assets, and debts.
Buying or selling property, making new investments, and taking on large debts can all impact your financial worth and should prompt changes to your will and other important estate planning documents.
- You get married or divorced.
Make changes in your will to reflect your new relationship status and be aware of how it could impact other family members. Similarly, if you are considering a divorce, review the terms of your will. Spouses automatically have certain rights under the Florida Statutes in this situation, so it is important your will reflects pending changes.
- You have a child.
As a parent, your top priority is ensuring your children are provided for. Anytime a new member of the family comes into the world, it should prompt changes in your will and other estate planning documents in Tampa.
- A loved one passes.
The death of a family member can have major impacts on your will. In many cases, their portion of your estate will pass on to their children, parents, or other beneficiaries. Regardless of whether this is something you may or may not want, these types of changes should be reflected in your will.
- Changes in relationships.
Relationships change over the years, and your will should reflect this. You may have had a change of heart regarding beneficiaries or wish to entrust someone else with the important task of being your personal representative.
Contact Our Tampa Estate Planning Lawyer To Request A Consultation
For trusted legal guidance in creating a will and to ensure it is updated regularly, reach out to Bubley & Bubley, P.A. Call or contact our Tampa estate planning lawyer online to request a consultation today.
Sources:
hillsclerk.com/court-services/probate-guardianship-and-trust
news.gallup.com/poll/351500/how-many-americans-have-will.aspx
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html