No one likes to think about what happens when they die, but planning for your eventual passing will make it easier for your loved ones. Not only will be they taken care of, but you’ll be able to rest easy knowing that your wishes will be carried out.
If your loved ones don’t live in Florida, it can be hard to talk with them about what should and shouldn’t be accounted for when estate planning. However, there are certain times when you must consider updating your will or otherwise revising it. Here are some situations where you might need to update your will.
When you have new family members
If your family makeup has changed, you might want to go back through your will and make sure everyone is accounted for. New grandchildren, in-laws or new partners might change the outlook of your will.
If you’ve gotten divorced or a beneficiary of your will has passed, you’ll also want to redirect those funds and instructions appropriately. Leaving your money to a person who’s already passed or who is no longer in the picture can create a lot of questions and headaches for your loved ones.
If your financial or material situations have changed
Obviously, if your financial situation changes in any way, you’ll want to update your will to account for this. If you come into a lot of money, you want to make sure it’s left to the right people. If you’ve lost a lot of money, you don’t want any confusion about debts when you’re gone.
Everybody’s situation is different, and it can be hard to figure out when and how to update your will. Talk to an attorney today to discuss updating your will and other important steps in the estate planning process.