The Importance of Updating Your Will: Securing Your Legacy
By: Stephanie Roque
A Guide to Keeping an Updated Will
Planning for one’s passing is not an easy feat and something many people avoid. Everything can change from one day to the next, so ensuring your will accurately reflects your wishes is important. Though this part of life is unavoidable, you can plan ahead and make it easier for your loved ones to manage. Here are answers to some common questions and some things to consider:
FAQ #1: Why Should I Update My Will
Life is unpredictable, keeping your will updated means ensuring your possessions are divided and distributed accurately and the way you intended. You should especially be updating your will following major life changes such as, marriage, divorce, birth of children or grandchildren, death of beneficiaries, acquisition or sale of assets, changes in health, and relocation. Other reasons to keep your will up to date are to prevent confusions or disputes within your family, to protect minor or vulnerable beneficiaries, and to ensure the distribution of your assets reflects your wishes. Regardless of major changes in circumstances, one should regularly update their will to guarantee what they have left behind is taken care of.
FAQ #2: How Often Should I Update My Will?
The general rule of thumb is to update your will every five years or directly following any of the major life changes described above. One should also meet with their estate planning attorney if there are changes in the relationship or availability of a beneficiary, changes in estate planning goals, or changes in the availability of an executor.
FAQ #3: What Happens if My Will is Not Updated ?
Not updating your will can affect your legacy and loved ones. Neglecting to keep your will up to date can lead to the courts having to distribute your assets based on state intestacy laws. This can cause inheritance disputes and financial insecurity for your loved ones. Consulting an estate planning attorney ensures your wishes are accurately reflected, safeguarding your legacy from unintended consequences..
FAQ #4: How Do I Update My Will?
Updating your will periodically is essential and, thankfully, fairly easy. You will need to consult with an estate planning legal professional to ensure that the documentation is done accurately and in accordance with the law. If you are a Florida resident, contact attorney Lauren Richardson, Esq. at Lauren Richardson Law, PLLC to get help with creating or updating your will.
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