Reasons to Update Your Will

Have you already completed your estate planning? Perhaps you’ve completed your last will and Trust? Great! You are already ahead of the pack!

But when did you do this? Do you know when you should examine your Estate Planning paperwork and, if necessary, make adjustments or revisions to your Will?

Its recommended that you find a wills and trust attorney every four or five years and update your will. It’s also highly recommended that you amend your will after each big life event that impacts the course of your life, whether for the better or worse.

Some of the reasons to revise your will include:

Change in marital status

If you were married, you may have named your spouse as a beneficiary in your will. You should revise your will in the event of a divorce, wedding, or death. It is vital to remember that stepchildren are not legally entitled to your property, so keep this in mind when updating your documentation.

You are having health challenges.

Health changes can have an impact on your will. If you have been diagnosed with a degenerative condition or a life-threatening sickness, it is in your best interests to use this time to adjust the Will to your wishes.

Furthermore, any additions you had planned prior to your diagnosis should be implemented as quickly as possible.

Changes in your finances

This is another significant event that influences your will. A rise in wealth can push you into a higher tax category and result in greater taxes. In addition, you may want to raise the amount of money you leave for your beneficiaries.

In contrast, your financial circumstances may worsen, and you may be unable to contribute the amount you expected. At this stage, you must make changes to your will.

You change your mind about a beneficiary.

It is reasonable to change your mind and thoughts regarding the persons or organizations named as beneficiaries in your will, possibly owing to disagreements after you signed your will or for other causes, good or negative.

Remember, it is your money, and you have the right to change your mind about who receives the cash after your death.

If you feel that the beneficiary you mentioned in your will isn’t the right one, you should consider updating your will and having a new beneficiary.

You want to update estate laws.

Laws affecting estate taxes can and do change over time. When this happens, you should amend your will to reflect any relevant changes when they occur. Consult your wills lawyer to stay up to date on estate rules and how they affect you.

Your beneficiary or executor has died.

If your named executor or beneficiary dies, you must update the information to name a new executor or a different recipient for the asset or property.

Even if your will includes provisions for such occurrences, you may want to consider amending it.

To change the executor, you need to draft an addendum, which is a written amendment that modifies your Will. Make sure you understand your state’s laws so your codicil is valid. The number of witnesses and whether or not a notary is required varies by state.

How much does it cost to amend a will?

The cost of amending a Will varies depending on several things. Did you intend to hire a lawyer, or do you prefer to handle it yourself? How complex are the changes? Which state do you live in?

You should address these questions to accurately estimate the expense of changing a will.

Lawyers can charge a wide range of fees based on your location and other factors. Of course, it is possible to make modifications entirely on your own, but many people are hesitant to do so, fearing that they will not have done everything necessary to ensure the validity of their new will.

Can you make handwritten changes to a will?

Technically, you can make handwritten amendments to your Will. However, different states have different regulations governing how and when this is permitted, so you should proceed with caution.

Family members can easily challenge handwritten modifications in Wills, so if you want your Will and any amendments to be as strong as possible, avoid making handwritten alterations.

Can you make your will null and void?

Yes, you can do it, and there are a number of ways to go about it. Making a new Will or adding a codicil renders your prior one null and void. Of course, you could take drastic measures such as destroying all original copies or selling, giving away, or otherwise disposing of assets listed in the Will.

What next after updating your will?

Even after you’ve modified your will, you must ensure that you have the necessary signatures and witnesses to comply with state law.

You may need to get your Will notarized, and you should keep it somewhere safe. Make sure someone you trust knows where your will and other estate planning paperwork are.

Parting shot

It is a good idea to examine all of your Estate Planning documents periodically. Knowing what you need to do to update your Will (and when to do it) is critical.

Whether you’ve only had one major life event or you haven’t revisited your Will in years and a lot has happened, keeping your Will up to date is an important component of protecting your family when you die.

You should take your time when preparing and updating the will and ensure that you capture all the relevant information.

As mentioned, you should make it a habit to update your Will every 4-5 years or when there is a major life event.

To have an easy time, work with an experienced probate attorney Largo who will not only help you put the will together but also let you know when things aren’t going as planned.

How Do You Get Around Probate Court?

Probate court, which legalizes a dead person’s will and distributes assets, is sometimes considered cumbersome. Many people want to find ways to simplify the estate settlement process and reduce intervention by a probate court.

Though probate performs an extremely important function of ensuring that assets are distributed smoothly, it is not unusual for people to look into other means–to avoid possible disadvantages. In the following article, we’ll look at several ways you can use to get around probate court together with your probate lawyer.

Understanding Probate

Probate refers to the court-supervised procedure by which a deceased person’s will is verified and their property distributed.

Steps involved in probate court

1.       Filing a petition

The procedure normally starts with the filing of a petition in probate court. This petition can be submitted by the executor designated in the will or an interested party, such as a family member or creditor.

2.       Appointment of executor or administrator

Upon review by the court, a valid will name an executor. If no one is named or if the person appointed, for any reason, refuses to serve, a court will appoint an administrator. The executor or administrator controls the estate of the deceased right through probate.

3.       Notifying creditors and heirs

Probate proceedings must be notified to creditors and heirs of the deceased. The process usually involves publishing a notice in a local newspaper and formal notification to known creditors or beneficiaries.

4.       Inventory and appraisal of assets

Moreover, the executor must also establish an inventory of all assets belonging to the deceased person (real property as well as bank accounts and investments), personal belongings, and other valuable things such as heirlooms. In some cases, a professional appraiser will be taken on to set the value of various assets.

5.       Payment of debts and taxes

The estate’s debts and taxes must be paid off before any assets can go to heirs. It means paying off outstanding bills, funeral costs, and any estate or inheritance taxes payable. The executor takes care of these financial responsibilities.

6.       Challenging the will (if applicable)

The will may be contested. The main reasons a will is contested are lack of capacity, undue influence or fraud in making it, and improper execution. Will contests can delay probate?

7.       Distribution of assets

After the debts, taxes, and other charges have been paid out of them, these assets are distributed to one or more beneficiaries in accordance with the terms of a will (where there is one), otherwise according to intestacy legislation.

8.       Final accounting and closing of the estate

The executor has to give the court a final accounting of assets, liabilities, and distributions regarding the estate. After the court approves the final accounting, it issues a closing order for the estate. With that, there ends the probate process.

9.       Distribution of inheritance

After receiving court approval, the executor can pass on to beneficiaries and heirs any remaining assets as laid out by law in the will or according to intestacy laws.

10.       Final discharge of executor

When all necessary tasks have been accomplished and court approval received, the executor is formally discharged from their responsibilities. This completes the probate procedure.

How to bypass probate court

Establish a living trust.

Living trusts are a good way to avoid probate court. A living trust is a legal entity that holds assets for an individual during his or her lifetime and then transfers them to beneficiaries at death. 

In contrast to a will, which must be probated in the event of your death and passed through various legal channels before assets can finally get distributed, a living trust functions independently of court.

Establishing a living trust entails transferring ownership of assets to it, with oneself as the initial trustee. Choosing a successor trustee ensures the smooth changing of hands. Because the trust owns all assets, probate court participation is reduced. Estate settlement, therefore, progresses more smoothly and at a lower cost.

Joint ownership with right of survivorship

Joint ownership with the right of survivorship is another way to avoid probate. This includes taking out assets jointly as one’s spouse, parents, or another individual so the surviving co-owner can inherit the asset. 

Joint ownership is a simple way to avoid probate, but factors such as quarrels between joint owners or unexpected consequences should be considered. Also, this method is unsuitable for all sorts of assets, and legal advice should be sought on the proper titling of those acquired.

Designating beneficiaries

A number of assets, including life insurance policies, retirement accounts, and bank accounts, can be left to beneficiaries. These assets can be passed directly to the designated beneficiaries by naming specific individuals or entities as recipients. 

This simple procedure means that assets can be distributed more rapidly. It is also a strategy often used to simplify the estate settlement process. Regularly reviewing and updating beneficiary designations is very important after major life events such as marriage, divorce, or the birth of children.

Keeping beneficiary designations up to date is an important part of the proactive estate plan. Otherwise, there may be unintended consequences.

Small estate procedures

In certain jurisdictions, estates of modest value may be subject to abbreviated probate processes called “small estate” or “summary administration.” These simplify the procedures for small estates below a predetermined asset cutoff.

They result in speedier disposal and less paperwork.

The estate generally must meet certain criteria to qualify for small-estate procedures, which include a low total asset value and no contested claims. That said, executors or administrators can use these procedures advantageously in probating estates as long as they understand the eligibility requirements and rules that apply to them at any given time.

Conclusion

Even though probate plays an important role in maintaining the orderly distribution of assets, it is not necessary.

Through methods such as studying living trusts, joint ownership arrangements, beneficiary designations, and small estate procedures are highly effective, you should note that the effectiveness of the process would depend on the particular case in question, and a professional legal opinion from a reputable probate attorney PG County is always called for when planning estates.