Will is made, placed in a safe spot, and a few people close to me know how to find it. Check! Nothing more to do. Unfortunately, this is what many people think. A will is not a ‘set and forget’ document. It should be reviewed and updated when necessary.
When should you review your will? After any major life change such as marriage, birth of a child, or divorce. Here are some of the life changes that should prompt a review of your will:
- Welcoming a new child to the family - Each child should have a legal guardian listed in case the need arises. If this is a first child, a new will should be written to include the child and the guardian. If a will is in place that already lists a guardian, a codicil may be sufficient to add the new child as long as the guardian remains the same. This applies to the birth of a child or the adoption of a child.
- Stepchildren - Stepchildren are not legally entitled to inherit anything from you unless you legally adopt them. If you choose to leave them a portion of your estate, you should revise your will or create a new one. Leaving a special gift to them may be done by codicil.
- New Grandchildren - Just as with stepchildren, if you wish to leave a portion of your estate to grandchildren you will need to review your will or write a new will. If you are simply leaving a special gift to a grandchild, this can be done by codicil.
- Death of a child - The death of a child is one of the most difficult experiences a person can live through and unfortunately one of the life changes that should prompt a new will being done.
- Marriage - If you should pass without having a valid will and you have no surviving children or if your only surviving children are with your spouse, your spouse will receive your entire estate. Only half of the estate will go to the spouse if not all of your surviving children are with your spouse or you each have children with other people. Any arrangements other than the above will need to be written in a valid will.
- Divorce - Upon divorce, a spouse loses all inheritance rights under Florida law. However, if you pass during the divorce process, but before the divorce is finalized, your spouse will still entitled to an inheritance.
In addition to major life changes, your will should be reviewed at least once every five years. As circumstances in your life change, you may wish to make changes to your will. The Law Office of Pamela J Helton has been assisting people with their wills for more than two decades and we will be happy to help you with yours. Please call 352-243-9991 to schedule an appointment.
