CHANGING A WILL

Florida law states that a will can be used to determine how a person’s property should be divided after their death. People often write a will long before they expect to need it. This is done as a precaution to make sure that their property is taken care of in case of an emergency. However, as time passes, circumstances change, and those changes may be reflected in such a will.

There are several reasons to change a will. For example, when a person gets married, they should review their will and consider potential changes. They may want to name their new spouse as their chief beneficiary or allocate certain resources to their spouse in the event of their death. If someone wishes to leave all of their property to their spouse, this should be stated explicitly in their will.

It is also worthwhile to consider changing a will as a person grows older. A person’s savings accounts may grow, they may purchase more valuable real estate and their investments may begin to pay dividends. Although these are all beneficial events, a greater net worth may mean that the federal estate tax may apply to a person’s estate. Setting up a well-planned will can account for this increase in net worth and ensure that property is divided in the best way possible.

The birth of children or the death of a spouse are also important times to review a will for possible changes. Ensuring that loved ones are cared for should happen sooner rather than later.

Preserving wealth is one of the primary functions of a will. An attorney might be able to offer some advice and insight to ensure that a will maintains wealth and divides property according to the client’s wishes.

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Written by Luis E. Barreto

Luis E. Barreto

Luis is a probate and guardianship litigator with over 23 years of experience in the field. Determination of heirs, will contests, breaches of fiduciary duty, removal of personal representatives, guardians and trustees are just some of the types of litigation he addresses. In addition, he administers non-contested estates and guardianships.