When To Update Your Tampa Will
A will is something everyone should have in place, regardless of your age, health, or the amount of property and assets you own. It allows you to convey your final wishes, designate beneficiaries, and determine how personal items are divided between them. If you have already created a will, it is important to make sure it stays current and relevant. Our Tampa wills attorney explains common situations in which you may need to make updates.
What Should Be Included In A Tampa Will?
Gallup polls indicate that nearly half of all adults in the U.S. do not have a legally valid will in place. Unfortunately, while creating a will is one of the most simple and basic estate planning tasks, it is something that many people end up putting off.
Having a will helps to ensure your final wishes are followed and prevents time-consuming, costly, and potentially contentious Hillsborough County probate court proceedings. The following are items that should be included in your will:
- Your final wishes regarding funeral arrangements and burial plans;
- A personal representative you trust to represent you and your estate in the probate court;
- A complete and current inventory of all property and assets;
- The names and contact information of all designated beneficiaries;
- Detailed instructions for how you want your assets to be divided between them.
When To Update Your Will
Putting a legally valid will in place is a good first step in estate planning and helps to protect you and your loved ones. However, once you create a will, it is important to ensure it is updated regularly. Situations that may prompt changes in your will or other estate planning documents include:
- Increases or decreases in assets: Whether you make some good investments or lost money in the markets, your will should reflect any major losses or profits.
- Starting a business: Regardless of the size or type of business, it should be included in your will.
- Purchases or sales of property: Homes, cars, artwork or antiques, and other items of value should be regularly updated in your will.
- Changes in family members: Be sure your will reflects any new births or deaths since it was created.
- Changes in relationships: If you have gotten married, gone through a divorce, or if any of your beneficiaries go through these types of life changes, make sure your will reflects the current situation.
- Changes in personal representative: Consider choosing a new personal representative if your relationship with the person you previously selected changes or if they move, suffer a chronic health condition, or experience other circumstances that could impact their ability to perform this important role.
Contact Our Tampa Wills Lawyer
At Bubley & Bubley, P.A., we provide the trusted legal guidance you need in creating a will and other important estate planning documents. Once you put these in place, we can also help you in making any changes or updates as needed. Call or contact us online and request a consultation with our Tampa wills lawyer today.
Sources:
news.gallup.com/poll/351500/how-many-americans-have-will.aspx
hillsclerk.com/court-services/probate-guardianship-and-trust
