Why You Should Update Your Will
You drafted a will, a durable power of attorney and a list of assets and liabilities five years ago. You’re finished with estate planning, right? Well, not quite. It is always a good idea to revisit your estate planning documents, including your will and list of assets and liabilities, on a yearly basis. Circumstances may have changed to constitute a revision.
Life events that trigger a will update
If you recently became a grandparent to a new child, a grandparent for the third or fourth time, or maybe even a great-grandparent, you may choose to amend your will to add that new beneficiary. Also, if you are still in your twenties, thirties or forties, consider drafting an updated will that provides guidance regarding your children and division of assets. Perhaps you moved to a smaller house or sold real property. Maybe you recently acquired a new car, a boat, or other recreational vehicle. Any time you acquire real property or personal property worth value, sentimental or fiscal, you should strongly consider amending your will.
In addition, if you recently lost a spouse or heir designated in your will, you will need to revise the will, redistributing assets, and possibly to designate a new estate executor, personal representative or healthcare proxy. If you just finalized a divorce or are newly married, you also need to update a will and assets list, preferably prior to nuptials. And, it’s always a good idea to take an inventory of new items in your home, items you want to donate or intellectual property that needs to be distributed or transferred after your passing. Finally, if you started a new small business, partnership or LLC, you should consider drafting documents to wind up or transfer business assets after your passing. Usually these documents would be drafted during business formation, but you can also provide instructions in a legal will for probate purposes.
Making will revisions
To revise an existing will, call our office. We can discuss revisions and modifications you are seeking to make, and easily have a new draft prepared shortly. If you require additional estate planning assistance, we are glad to help with that as well. If your will is filed with the Probate Office in Hillsborough County, Pasco County or Pinellas County, we can mail or deliver an updated copy to that office to be held on file. It’s also important that you destroy old or obsolete copies of your will and estate documents after a new will has been executed. Our office remains open to discuss your retirement and estate planning needs.
Reach Out to Us Today for Help
If you are considering revisions to your will or estate planning documents, or you need assistance with the probate process of a dearly departed loved one, call the Tampa estate planning attorneys at Bubley & Bubley, P.A. Our lawyers have over four decades of combined experience working with clients on family law and estate matters, including revisions and updates. We would be glad to assist you too. Call for a consultation today.