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Wills – Change of Beneficiary

Importance of Keeping Your Will Updated

We cannot escape the fact that life does not remain constant, and we can almost guarantee that after you craft your original estate plan, things are going to change. You may have more children, you may acquire more assets, have a falling out with adult children, or get divorced. You can also move to a different state, or the laws may change, making your estate plan impractical.

At The Dorcey Law Firm, PLC, our Fort Myers estate planning attorney is a proud member of the WealthCounsel, and has assisted over 2,400 clients in Southwest Florida. Since a large percentage of our clients' wealth is controlled by beneficiary designations, we stress the importance of keeping your will and other estate planning documents updated regularly.

When to Update Your Beneficiaries

Life never stands still, and circumstances, relationships, and people change. We suggest reviewing your estate planning documents accordingly whenever you experience one of the following life events:

  • You get married
  • You get divorced
  • There is a birth in the family
  • There is a death in the family
  • You acquire new stepchildren
  • If not married, you get a new lifelong partner
  • You move to a different state
  • You change your mind about an heir
  • You have new assets
  • You dispose of old assets

Codicil or new will?

With a will, you can change or revoke it at any point in time providing you are mentally competent. An amendment to a will is called a codicil, which must be formally executed using the same formalities for a standard will; however, if you intend to make substantial changes, it may be appropriate to write a new will. It is advisable to work with an attorney whenever revoking or revising an obsolete will.

Contact a Fort Myers Estate Planning Lawyer

Keep in mind that much of your property may pass to your beneficiaries despite what your will says. Such property includes bank accounts with payable on death designations, life insurance policies, retirement accounts, and stocks registered with a transfer on death beneficiary. That said, you should ensure that your will and all other estate planning documents are up-to-date on an annual basis.

With experience serving the needs of thousands of clients, we are fully prepared to assist you. If you are interested in learning more about our services, call our office to schedule a free consultation!

dorcey law firm
The Dorcey Law Firm, PLC - Fort Myers Attorney
Located at 10181 Six Mile Cypress Pkwy, Suite C, Fort Myers, FL 33966
Phone: (239) 330-6674
Local Phone: (239) 418-0169
Website:
Probate.com