When Should You Update Your Estate Plan?

If you have accumulated property in your lifetime, you have likely given some thought about how you would like it distributed after you pass away. You may have even created an estate plan to ensure that your family is cared for. However, creating an estate plan is usually not enough. You also must review it periodically to determine if it still reflects your final wishes. Below, our St. Petersburg estate planning lawyer outlines when you should review your plan and potentially make important changes.

A Change in Family Circumstances 

As people move through life, their family circumstances can change quite drastically. These changes may have a significant impact on your estate plan. You should review your plan when any of the following life changes occur in your family:

• Change in your marital status: Whether you have recently gotten married, are facing divorce, or are grieving the loss of a spouse, it is critical that you review your estate plan. You may need to exclude a former spouse from your will, or include your new partner to ensure you leave some of your legacy for them.
• Additions or losses in the family: Perhaps one of your children has recently divorced and you had named their spouse in your estate plan. Or, maybe you have recently welcomed a grandchild or stepchild into the family. Any time your family expands, or loses a member of the family, it is essential to review your estate plan.

Financial Changes 

Just like anything else in life, your financial situation may change over time. The value of your assets may increase and this requires a strategic review of your estate plan. Additionally, if you acquire property in a different state, your estate may be subject to different state laws and probate proceedings. Being proactive and including these properties in your estate plans can help your family avoid probate in different states and to simplify the administration of your estate.

Legal Changes 

The laws in Florida are ever-changing and any time there is a change to tax law, you should review your plan to ensure it still provides protection for your family. Many people are unaware of when tax laws change, and this is one reason it is recommended that people review their estate plan with an attorney every three years. An attorney can review your plan with you, advise on any changes in the law, and whether your estate plan needs to change with the changes in law.

Our Estate Planning Lawyer in St. Petersburg Can Review Your Plan 

If it is time to review your estate plan, or you have yet to create a plan, our St. Petersburg estate planning lawyer can help. At Legacy Protection Lawyers, LLP, our experienced attorneys can carefully review your plan with you, advise on any changes necessary, and execute them properly to ensure you and your family are protected. Call us now at 727-471-5868 or contact us online to schedule an initial consultation with one of our attorneys and to get the legal help you need.

Sources:

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0733/0733ContentsIndex.html

leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html