Four Common Situations That Can Prompt Changes To Your Tampa Will
Having a legally valid will in Tampa is important for anyone, regardless of your age, family size, or financial status. If you have never taken the time to create one, our Tampa wills attorney encourages you to do so now. If you have a will, the following are four common situations in which it needs to be updated.
When To Update Your Tampa Will
The Florida Statutes contain provisions for creating a will. Having one in place conveys your final wishes and provides an inventory of all your property and assets, designates beneficiaries, and determines how distributions are made.
If you pass away without a legally valid will in place, it is referred to as dying intestate. In this situation, the Hillsborough Probate Court will divide any remaining property and assets according to state guidelines. It can also delay the settlement of your estate and makes things harder for your family during what is already a difficult time.
If you already have a will, be sure to update it in the following situations:
- Changes In Your Relationship Status
If you are recently married or moved in with someone, make sure your will reflects your new relationship status. It provides important protections for people who live together, as your partner may not otherwise be entitled to inherit from your estate.
Even if you are married and have joint bank accounts and other assets, it makes the probate process easier for your grieving spouse. Similarly, be sure and make any needed changes if you get a divorce or go through a separation.
- Changes Among Family Members
Marriages and divorces among family members could also impact their rights to inherit. You may also need to update your will and other estate planning documents in the event of births or deaths.
Along with these major changes, your will should reflect other changes that happen over time. For example, you may have grown apart over the years or they may be struggling with addictions, making it unwise to leave them significant amounts of money. Pay attention to your personal representative as well. If they suffer from poor health or you drift apart, name someone else to fill this important role.
- Changes In Financial Status
Your finances will fluctuate over the years and your will does need to reflect relatively minor changes. However, consider updating your will if you retire, make significantly more money, or start a new business.
- Changes In Property And Assets
If you buy or sell a home or car, invest in artwork or antiques, come into an inheritance, or otherwise experience major changes in property and assets, make sure your will reflects this.
Contact Our Tampa Wills Attorney
If you have not created a will or need to update an existing copy, reach out to Strategic Counsel Law Group, L.C. We provide the trusted legal guidance you need to ensure you and your loved ones are protected. Call or contact our Tampa wills attorney online and request a consultation today.