When many individuals think about wills, what first comes to many of their minds is the idea of passing on their property to another person when they die. Few consider that living wills help establish guidelines for how medical decisions should be made in the event an individual becomes incapacitated and unable to do so oneself.
As for wills, many individuals wait until they've amassed significant assets or are older before they sit down and draft one. Legal experts warn that this is not ideal though.
Pushing off preparing a will off is one of the reasons many individuals get blindsided and pass on of have medical decisions made for them that aren't in alignment with their own wishes. Having one in place ensures that you're in control of your own your possessions and health.
Those who are informed about the benefits of having a will in place often ask how often it should be updated. For those who are resolute as to who they want to pass their possessions onto or how they want health decisions to be handled, they may need to update it less frequently than others. Whatever your situation, though, it's important to remember that probate courts or doctors are required to honor the most recent directive.
An ideal interval for updating a will is along with major life events. For example, if you either get married or divorced, you may want to either add or remove your husband or wife's name as the decision maker in your living will.
If you have a child, you may want to add them on to your will as an heir. If you have minor children or disabled ones, you may also utilize the will to appoint guardians to care for them as well.
Receiving an inheritance or making an acquisition of a new property may warrant re-drafting your will. If the executor of your estate or a beneficiary pass on before you, then you may need to update your will.
Making updates as frequently as every three years to make sure it reflects your current state of mind. If you don't, then there's a strong likelihood that your will could be contested.
If you loved one failed to regularly update his or her will and you're involved in a dispute over the handling of his or her estate, then a Melbourne, Florida, trust litigation attorney can provide guidance in your case.