Wills and Estates in Florida: When to Update Your Will
We can define estate planning as the managing and passing of your assets
through the preparation of documents and retitling of assets. The process
of linking asset protection with estate planning is called integrated estate
planning and they work together to form a comprehensive plan. Having one
without the other is incomplete. Every person should have an estate plan
so that they can control who gets their assets at death. In addition,
the estate plan covers an individual should he or she become incapacitated.
A will is a document that is written by a testator designating where his
or her assets will go at death. A valid will must be executed when the
testator has testamentary capacity. In other words, the testator must
be of sound mind and at least 18 years old or an emancipated minor at
the time the will is executed. Testator must also understand who his or
her heirs should be.
You may have a valid will and think you are in the clear. Well, all wills
need to reviewed at certain points in your life. You should always revisit
your estate plan if you get married, get divorced, have children, have
a big change in financial status or if one or more of your beneficiaries
die. If you do not review your will when there are major occurrences in
your life (even if no changes are ultimately made), you risk having your
assets go to the wrong beneficiary. So, it’s imperative to update
your will during these times.
Please visit my website or contact me directly if you would like any more
information regarding asset protection or estate planning, or would like
a copy of my best-selling books on asset protection (complimentary if
you mention this Blog).
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YES, YOU CAN LOSE EVERYTHING!
You may think that your wealth is safe and that you don't need protection.
But don't delude yourself and accept reality — for every 60
minutes you spend making money, spend 60 seconds thinking about how to
protect it!