Do you have a properly executed Last Will and Testament? Have you followed the guidelines set out inFlorida Statutes? When is the last time you amended your will through a codicil or revoked it to form a new will? Do you know when to amend your West Palm Beach estate plan? Check out these four time to amend your estate plan.
#1 Marriage
- Have you recently gotten married in West Palm Beach or out of State?
- You probably want to amend your estate plan to reflect your new found matrimony – do you know why?
- If you die without amending the will your spouse is not disinherited.
- Instead he or she will have two choices of how to inherit.
- He or she can take an elective share equal to thirty percent of your estate or they can take their intestate share.
- How much is the intestate share in West Palm Beach?
- It could be all of your estate or alternatively if you have children with other people up to fifty percent.
- Regardless you will want to control your estate plan and amend.
#2 Divorce
- Divorce is not quite the same as marriage, the law seems to work a little bit more on your side.
- All provisions related to your former spouse will be struck from your will, life insurance policies and trusts.
- Regardless you still want to amend your estate plan to reflect the change in circumstances in order to make sure that everything is up to speed.
#3 Having Children
- Much like getting a new spouse having children is a foreseeable occurrence that the probate code does account for.
- That being said the probate code is based on generalities that may not reflect your situation keenly.
- For example if you do not amend your will for a new child and never amended the estate plan during their lifetime they may have a claim to their intestate share of your estate.
- In this case your child is known as a pretermitted child or heir.
- Do not leave your wealth to be accounted for by the intestacy codes, amend your estate plan after you have children.
#4 Any Large Life Event
- It is hard even for experienced Palm Beach probate litigators to foresee every situation where amending an estate plan is proper.
- If you have had a large life event recently that changes your plans in the long run, you may want to amend your will.
- For example have you recently become disabled?
- Has a child become disabled and going to be dependent on State services for help in their lifetime? It may be time to look into a special needs trust.
- If you are unsure about whether it is time to amend your West Palm Beach estate plan, just ask.