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
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?
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!