Attorney Jeffrey P. Coleman answers a common question about the ownership of assets when managing an estate plan.
This is a question that arises: “Do I need to know everything about what I owned at the time that I prepare the will, and every time I change my ownership, do I need to change my will?”
This is a misconception. The will will generally say something to the tune of “whatever I own, wherever it may be situated, I desire that it be governed as follows”. So if you have assets coming and going within your ownership, you don’t necessarily have to change your will every time.
Of course if there is a substantial change in your ownership: say you had the good fortune to win the Florida lottery, it’s very important that you seek legal counsel right away.