When may I revise my will?

On Behalf of | Feb 3, 2022 | Estate Planning |

Major life events such as marriage, divorce or the birth of a child may lead you to revisit your will. As reported by CNBC, you may also wish to revise a will when you receive or inherit large sums of money.

You may change your will’s instructions and the beneficiaries as many times as you like up until death. If you marry, for example, you may wish to include new stepchildren or grandchildren from your extended family. An exhausting divorce, however, may compel you to remove an ex-spouse named as a beneficiary.

How may I change my beneficiaries?

A will allows you to name individuals, nonprofit charities and trusts as beneficiaries. When you die, the probate court may oversee the transfer of an asset to a named recipient. You may change the recipient’s name by revising your will’s written instructions.

You may also add or change beneficiaries listed on your financial accounts. If you have an individual checking account, for example, you may add someone as your beneficiary. This person may take ownership of the money left in your account when you die. By contacting your bank, you may change your beneficiaries as often as you wish.

How may I change my will to avoid probate?

The beneficiaries on your payable-on-death accounts may bypass the probate process in Florida. You may change the individuals who receive the assets in your financial accounts regardless of your will’s written instructions.

Without beneficiaries named to your payable-on-death accounts, the remaining account funds go through probate. You may, however, create a trust and transfer your assets to it. Revising a will may include naming your trust as the recipient of any remaining assets.

Florida residents have several options to update their wills when they wish. An effective estate plan offers methods to transfer assets to heirs without going through the probate court.