With a will in place that provides detailed instructions as to what happens to your estate and its assets after you die, you have gained a sense of accomplishment. Not only that, but you are several steps ahead of your peers.
According to Washington-based analytics company Gallup, only 46% of Americans have wills. However, do not over-congratulate yourself. Continued work must be done with your estate plan. Please understand that a will must get a regular check-up. When things change in your life, your will also should change.
When to update your will
Many people wonder when and how often they should update their wills. Typically, many estate planning advisers recommend updating a will every three to five years. However, they usually agree that the time to update a will is when a major life event surfaces.
Here are the times to update a will and an estate plan in Florida:
- Marriage or remarriage
- Purchase of a home
- Births of children and grandchildren
- Adopting a child
- Starting a business
- Learning your child has special needs – thus potentially created a separate special needs trust
- Death of heirs, beneficiaries or an executor
- Receiving a significant inheritance or lottery prize
- Moving to another state because different laws apply to estate planning in different states
By making the necessary changes to your will, you and your family will gain a significant amount of peace of mind.
Give your will proper attention
You have taken a careful approach, made thoughtful decisions and assembled an estate plan that includes a will. Good for you! Now, you must give your will the regular attention it needs. Remember that when significant life events change your world, change your will, too.