Unfortunately, there’s a common misconception that once you create a will, you never have to think about it again. In reality, ensuring your estate plan is up to date and reflects your wishes is critical. If you’re unsure what would warrant updating your will or what your options to do so are, you’ll want to keep reading. The following blog explores what you should know if you want to update your will and how experienced Tampa wills lawyers can assist you through this complicated process to ensure your documents are legally binding.
Why Might I Need to Update My Will?
Typically, your wishes for your assets after your passing will change with time. The wishes you had twenty years ago when you established your estate plan may look drastically different from your wishes now. One of the most common reasons to update your will is to include new family members as part of your estate plan. For example, if you welcome a new child or grandchild into the world, you may want to ensure your estate plan includes them. However, you may also want to write certain family members out, like a divorced spouse or estranged cousin.
In addition, if you suddenly come into large amounts of money or new assets, making updates to your will to account for these assets is critical. Failing to include them in your will or estate plan can result in these assets being left in the hands of the state.
Generally, it’s recommended to review your estate plan every five years to ensure it is up to date. Additionally, if you experience significant life changes, like divorce, marriage, death, or birth, you should review and update your plan to reflect the changes.
What Can I Do if I Need to Make Changes?
Typically, those looking to update their will have one of two options to pursue based on the kind of changes they want to make. For smaller, minor changes, using a codicil is generally the ideal option. This allows you to make minor changes on a separate document that will be read in conjunction with your will. Typically, however, you’ll need to ensure you take the steps to sign and have witnesses sign the amendment to ensure it is legally binding. Creating a codicil is ideal for those who need to update a beneficiary’s name or add a minor asset to the will.
However, if you need to make more substantial changes to your estate plan, it’s generally in your best interest to revoke your current will by physically destroying it and creating a new one. Adding too many codicils increases the likelihood of confusion and mentions, which can result in your estate plan being contested. As such, if you need to make many changes at once, like adding a new real estate asset, writing a divorced spouse out of your will, and including a new grandchild as a beneficiary, creating a new document may be in your best interest to ensure your wishes will be met upon your passing.
As you can see, updating a will can be a complicated and stressful matter. Regardless of whether you choose to make amendments or wish to completely rewrite your will, ensuring you do so under the guidance of an experienced estate planning attorney with the Tampa Law Group is in your best interest. We understand how difficult these matters can be, which is why we are ready to assist you in this process so you can achieve peace of mind. Don’t hesitate to contact us today to get started.
