Some people take a relaxed approach to estate planning. Others assume that they don’t have enough assets to warrant a comprehensive will. In fact, everyone benefits by making plans and setting specific guidelines for what happens after they pass on.
Creating and maintaining a will not only protects your loved ones and determines how your property will be distributed upon your death, but it also eliminates any confusion surrounding your end-of-life wishes.
However, simply drafting a will and walking away isn’t a good idea. Instead, you’ll need to continually revisit your estate planning documents as life changes, or you want to make a revision to your stated wishes. Here’s how to keep your will continually up to date:
Know the Importance
As mentioned, many people don’t even have a will in place. There are many reasons for this. Still, it’s important to realize that estate planning doesn’t hinge on meeting a certain threshold of financial or physical assets. Instead, drafting a will is always a good idea to protect yourself, friends, and family members.
During this process, you can also determine what happens to minor children if you and/or your spouse passes away. That includes selecting a responsible guardian. You can also set up trusts, plan for federal and state taxes, prepare for long-term care (if necessary), and more.
Making estate planning a priority will also help you avoid probate. You can gain valuable advice and insight in this regard by teaming with a dependable probate lawyer in Daytona Beach.
Stay on Top of Life Changes
While you’re busy with work, school, and general life responsibilities, the time goes by fast. You might not stop to think of updating your estate planning materials. However, it’s wise to keep your estate plan up to date and in line with your wishes, even as life changes.
For instance, perhaps you’ve recently been married or divorced. Maybe a new child or grandchild was born or adopted. All of these scenarios should be reflected in your will.
Don’t forget about your digital assets. How will loved ones access banking information and other important data without your express permission and passwords? If this all sounds confusing or overwhelming, it’s nice to know that a trusted and reputable attorney in Daytona Beach, Florida is available to guide you through the process.
Review and Revise Often
As mentioned, your will and other estate planning documents should be updated every time there’s a life change. At a minimum, you should review and make revisions to this information at least once a year.
Your will should clearly cover three major provisions:
- identify a Personal Representative for your estate
- name a guardian for children or dependent loved ones
- determine how your assets will be allocated
While it’s not required to work with a lawyer, experts agree that doing so is crucial to ensuring your wishes are clearly understood and legally-binding. Contact an attorney in Daytona Beach, Florida with a proven track record of success to get started.
Partner with a Reliable Advocate
Estate planning might seem like an arduous and overly-complicated task, but in fact, getting started is easy when you team with a Daytona Beach probate lawyer well-versed in wills and other end-of-life issues.
Here’s where you’ll make a list of all your assets (including financial accounts, real estate, and personal property). You’ll choose a personal representative and guardian for your children (if necessary), and you’ll determine how your assets will be distributed. Then, you simply need to keep your estate plan updated.
For years, we’ve been the go-to resource for estate planning needs. A respected and well-known Daytona Beach probate attorney, our firm also specializes in family law, guardianship, divorce, and more. Contact us today to begin or update your will and estate planning materials.