When Should You Review Your Estate Plan?
Contrary to what many people think, estate plans are not reserved for only the very wealthy. In fact, all adults should have an estate plan. Even if you only own a bank account, you have an estate, and the right to determine how it is distributed after you pass away.
After drafting an estate plan, though, many people simply put it in a safe place and do not think about it again. This is a mistake. It is critical to review your estate plan regularly to ensure that it still reflects your wishes. Below, our New Port Richey estate planning attorney explains the most important times to review your plan.
After a Change in Your Family Circumstances
Your family unit is bound to change as you move through life. You may have children, get married, get divorced, and sadly, lose loved ones. Your children may also get married and have kids of their own. All of these life events require a thorough review of your estate plan.
You may have new beneficiaries you want to leave property to, or you may want to remove some beneficiaries from your current plan. The only way to ensure that your loved ones are protected, and receive the inheritance you intended, is to review your plan after any of these important life changes.
After a Change in Your Finances
Your financial situation may experience ebbs and flows over time. One day you may be struggling and a few months after that, be very prosperous after starting a successful business. You may also acquire a growing stock portfolio, acquire new property through an inheritance, or obtain valuable real estate. Any time there is a significant change in your financial situation, it is critical to review your estate plan. This will ensure all of your property is accounted for, and protected for your loved ones.
After Any Change in the Law
Just like other areas of law, the estate planning laws in Florida can change at any time. It is critical to stay current with the laws and any changes in them so you can ensure your plan is legally compliant. It is recommended that any time you review your estate plan, you work with an attorney who can advise you of any changes in the law.
A Change in Medical or Health Needs
Any time there is a change in the health of you or your loved ones, it is important to review your estate plan. For example, your child may suffer a sudden disability, or your own health may start to decline. Reviewing your estate plan can ensure you have the necessary health care surrogate, durable power of attorney, and other important documents that will protect you and your family during these times.
Our Estate Planning Attorney in New Port Richey Can Review Your Plan
In addition to the above life-events, it is important to review your plan every three to five years to ensure it still reflects your wishes. At Messina Law Group, P.A., our New Port Richey estate planning attorney can review your plan with you, determine if changes are necessary, and execute them properly so your plan functions as intended. Call us now at (813) 492-7798 or contact us online to schedule a consultation and to learn more about how we can help.
Source:
flsenate.gov/laws/statutes/2000/732.2025
