When to Update Your Estate Plan

Drafting an estate plan is one of the most responsible things you can do for your family. It is just as important, however, that you review your estate plan regularly to ensure that it still complies with state law, and that it reflects your wishes. Too many people simply set their estate plan aside and do not think about it again. This is a mistake and could result in your wishes not being fulfilled. Below, our New Port Richey estate planning lawyer outlines when it is time to review your plan.

Changes in the Family 

There are many family changes that will impact your estate plan immediately. These situations include the following:

• Marriage: Marriage changes many dynamics in a family. You may want to update your beneficiaries to include a new spouse or in-law, and adjust the amount of your property that is given to each.
• Divorce: Just like marriage will impact your estate plans so too, will divorce. If you and your spouse get a divorce, Florida law will void any part of your plan that includes them, essentially acting as though your spouse passed away before you. It is still important to review your entire plan to ensure it still reflects your wishes.
• New family members: If there is a birth or adoption in the family, you should change your estate plan to reflect the child as a beneficiary and to name a guardian for them in the event you pass away before they turn 18 years old.
• Family disputes: If there are disagreements in your family that impact the trust you have in people, you may have to reconsider certain roles such as agents or personal representatives.

Changes in Your Financial Situation

Your financial situation may change in a number of ways that require you to create an estate plan. These are as follows:

• Inheriting property: A sudden increase in assets may require adjusting your plan to include trusts or to adjust tax strategies.
• Starting a business: If you start a business you should include a succession plan in your estate plan or redistribute ownership shares.
• Substantial gains or losses: Updating your plan will ensure distributions are aligned with your current net worth and ensure you implement tax strategies, if necessary.

Relocating Across State Lines

Moving to another state can make your estate plan more complex. Different states follow different laws regarding inheritance and estate taxes, trusts, and wills. Certain documents, such as healthcare directives, also vary by state and so, it is important to ensure your plan still complies with the law of the state you moved to.

Our Estate Planning Lawyer in New Port Richey Can Review Your Plan with You

Even without the above changes, it is recommended that you review your estate plan every three to five years to ensure it still aligns with your wishes. At Messina Law Group, P.A., our New Port Richey estate planning lawyer can review your plan with you, determine if changes are needed, and execute them so your wishes are respected. Call us today at (813) 492-7798 or contact us online to schedule a consultation and to get more information.

Source:

flsenate.gov/laws/statutes/2000/732.2025