Having an estate plan is an essential part of planning for yourself and your loved ones. A Florida estate plan helps to both create a legacy for you and ensure that your final wishes are respected. While it takes care of many things after your passing, it also supports your needs while you are still very much alive. As such, it is a living document that speaks for you when you can no longer speak for yourself.
You may wonder why your estate plan needs periodic review. Like most things, circumstances are subject to change. People come and go from your life, either through marriage, birth, or death. Attitudes change. Your health or that of your agents may also change.
There are many reasons you might want to change your lifetime directives, but the bottom line is that you want to ensure both your person and your assets end up where you want them to. Reevaluating your estate plan can also ensure that your final wishes are carried out with as little financial consequence as possible. It can also provide for you and preserve your legacy if you fall critically ill and require long-term care.
While there is no “one right time”, if you have experienced any of the following circumstances, it may be time to reevaluate your estate plan:
1- You have recently married or divorced. Changing your beneficiary allocation can make sure that your estate supports the people you love best.
2- You have moved out of state. Estate tax laws vary from state to state, so it is always advisable to speak to a lawyer who is well-versed in estate planning laws in your new home.
3- Additions to the family. Perhaps you have new children or grandchildren whose futures you would like to provide for.
4- Deaths in the family or close circle. Whether you have lost a spouse, a child, a relative, or a trusted friend who is included in your estate planning, a reevaluation may be necessary so that you can remain protected at all times.
Beyond any of the scenarios outlined here, we suggest reviewing your Florida estate plan at least every three years to be confident it still reflects your wishes. Schedule an appointment with our office today so that you can be sure to have your questions answered.