A will is an estate planning document that provides instructions on how your assets should be divided upon your death. It can also make clear who you intend to look after your minor children in the event that something happens to you.
Per Florida Statutes Chapter 732 Sections 501, et seq., an individual who’s at least 18 years old (or an emancipated minor) can establish a will. In addition, the testator has to sign the will in front of at least two witnesses.
It is a common mistake to think of a will as something that only needs to be completed once and never looked at again. Any estate planning document must move with the times and reflect your current wishes. Outlined below are some of the key reasons why your will needs to remain up to date.
Tax laws change
Let’s say you drafted a will several years ago. A lot of things will have changed since then, including tax laws. An outdated will could leave beneficiaries less than what they deserve due to it not being in sync with current tax regulations.
Suppose you create a will to leave your only child a large sum of money. But later on, you decide to have another child and forget to update your will to include them. The second child could be at risk of not obtaining an inheritance, which could cause tension between them and their older sibling.
Since life rarely remains static, it’s important to review your will regularly to ensure it meets your needs. Seeking some legal guidance as you make preparations for the future can help ensure that everything goes smoothly.