Are you preparing your estate plan in West Palm Beach? You may want to take a moment and read Fla. Stat. 732.515 if you have not already. This statute may be able to save you money on will revisions. In addition you are going to get a lot more flexibility to give away your stuff how you want.
Will Revisions
- Keep in mind that revising a will is not as simple as they make it out in the movies. You cannot just scratch out one section and initial it in West Palm Beach.
- There is no partial revocation by act, you will have to execute a new will or a codicil.
- Do you know what a codicil does?
- These act as a formal amendment to your West Palm Beach will.
- A codicil has all the formalities of a new will just often they are shorter.
- You should engage an experienced West Palm Beach probate lawyer to execute codicils.
- But what about all the small things you want to change about your estate plan?
- If those small changes involve personal property as opposed to real estate, cash, accounts or stocks then there may be a simple answer.
Fla. Stat. 732.515
- Have you read this statute?
- It allows you to create an informal written memorandum to accompany your will.
- The benefit to this is that you do not need to execute these with the same formalities of your West Palm Beach will.
- You can scratch things out, simply write a new one, and not pay anyone to do it!
- Just keep in mind the applicable limitations to this statute.
- For example you cannot use these to change who you give real property to.
- Also the statute does not allow the memorandum to apply to cash, or stocks.
- Investment accounts also are not going to be included.
- This statute is really for personal property like small collections and household items.
- Have you utilized these informal memorandums to save money on your estate plan in West Palm Beach?
- Find out how by talking to an experienced Palm Beach probate litigator today.
Want to learn more before you talk to an attorney?
You can start by checking out the statute itself just click here.