When to Update Your Will

Dan W. Armstrong

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Estate Planning Attorney

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Posted over 4 years ago. 0 helpful votes

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Most people recognize the importance of making a will.

Most people recognize the importance of making a will. However, many feel they do not have enough to make a will cost effective. A will is a statement of what you want to happen when you die. It provides instructions on how property should be distributed and or used. Wills are also used to limit the amount of money spent on taxes and fees.

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It is important to review your Will every three to five years, especially if there have been significant changes in your life.

However, many feel they do not have enough to make a will cost effective. A will is a statement of what you want to happen when you die. It provides instructions on how property should be distributed and or used. Wills are also used to limit the amount of money spent on taxes and fees. Many people try to avoid the need for a will by holding all of their property jointly with their children. Although this can work, people often spend unnecessary effort trying to make sure all the joint accounts remain equally distributed among their children. These efforts can be defeated by a long-term illness of the parent or the death of a child. A will can be a much simpler means of carrying out one's wishes about how assets should be distributed. The executor you name is responsible for carrying out your will's instructions. To prevent any future problems, your will should be drawn up by an attorney and witnessed by a notary public. Even if your total property doesn't seem to amount to much to you,

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Examples of major changes in your life are:

Examples of major changes in your life are: changes in marital status, birth of a child or grandchild, children growing up, moving to another state, changes in the value or type of assets in your estate, change of personal representative, change of charitable interests of goals, and new or revised laws regarding estate planning and taxes. Please understand that while this information is accurate, it is not meant to be a legal opinion and you should not act in reliance to this information without speaking with an attorney on the matter. The specific facts of your case could fall under an exception outside the scope of this article.

Additional Resources

If you have any further questions, you may chose to search for other articles on this issue and others and frequently asked questions at our website; www.danarmstrong.com or contact attorney Dan Armstrong at The Law Offices of Dan W. Armstrong, P.A., 822 A1A North, Suite 303, Ponte Vedra Beach, Florida 32082 or at 904-280-0058.

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