Update your will after these important life events.
Updating your will can seem like a hassle or something to put off, but that’s not the case. If you fail to update your will appropriately, it can cause many problems for your family and beneficiaries once you pass away. At The Millman Law Group, we are here to help guide families through their estate planning process, including drafting wills and making any changes as needed. When you update your will with the help of a legal professional, you can leave the hard work to us. If you aren’t sure when to make updates, it’s often best to do so at these important life moments.
When You Have a New Child
If you give birth to a new child or adopt, you should review your will. You will want to name a guardian and trustee to oversee the child’s finances in the event of your passing. Your will should remain flexible to accommodate potentially more children in the future.
Divorce
You don’t have to wait until a divorce is underway to update your will. If you die before the divorce is finalized, your spouse will retain marital rights to your property. Additionally, once you file for divorce in many states, you cannot change your will until the procedure is finalized. However, you should consult your attorney for the best advice for your unique circumstances.
Once your divorce is finalized, you will want to update the beneficiaries on life insurance or other accounts linked to your ex-spouse.
When Your Children Marry
If your child marries, you may want to update the will or create trusts to guarantee a smooth transition of assets. If anything should go wrong in the child’s marriage, you wouldn’t want that to influence what your heir receives after your death.
A Named Representative or Beneficiary Dies
Your previous will may have a contingency plan if a beneficiary or personal representative dies, but you should occasionally revisit that plan. No matter what, you want to have multiple plans ready if your first or second-choice personal representative cannot take on that position.
New Laws Go Into Effect
Every few years or so, you should consult with your estate planning attorney on whether any new laws will impact your will. If any new legislation affects estate planning, you may have to update your will to accommodate new regulations.
You Receive an Inheritance or Large Sum of Money
If you come into a significant amount of money, it may be wise to update your will. Your lawyer will help you create a new estate plan that includes efficient tax planning.
Estate Planning Made Easy With Millman Law Group
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.