Do you update your Florida estate planning strategy as often as you should? This article details a few reasons to make changes to your plan.
Life is full of unexpected changes, which is why many people choose to create an estate plan – to protect against unforeseen circumstances that can affect how assets get distributed between family members and other beneficiaries.
If you have an estate plan in place, it’s crucial to understand that it is not a one-time precaution. You must update your plan regularly to ensure that your estate is handled according to your wishes.
How often should you update your estate plan? The answer depends on what is going on in your life. Here are a few reasons you should update your estate plan.
4 Reasons to Update Your Florida Estate Planning Strategy
You have inherited, sold, or purchased new assets.
When you gain or lose assets, your estate plan should change to account for the changes. For instance, if you inherit a piece of property – say the family home – and you want to ensure that it passes to only one of your children after you are gone, you can adjust your estate planning strategy to designate who will inherit it.
Likewise, if you purchase a valuable asset, you need to update your plan to reflect what you want to happen to it once you pass away. On the other hand, if you sell an asset, such as a business, you may need to consult a Florida estate planning attorney to remove business partners from your list of beneficiaries.
You have experienced changes in your health.
Declining health is a common part of getting older. If your health starts to deteriorate, you may need to update or create advance directives to reflect who you want making financial and medical decisions in your absence.
Long-term care often necessitates the need for a completely revised estate plan. Extended medical care is expensive, so to prevent your estate from running dry, you may need to restructure your assets to qualify for programs like Medicaid.
Your family has changed structure.
When your family changes – for instance, if you experience a birth, a death, a marriage, or divorce in the family – you may need to update your beneficiary designations to make sure your assets will go to where they are needed.
You haven’t updated your estate plan in a long time.
Even if your circumstances don’t change much, you should still revisit your estate plan at least every three to five years. Whether the laws have changed or you simply change your mind about where your assets will go when you are gone, reviewing and updating your plan with a Florida estate planning attorney can give you the peace of mind you need to stop worrying and start enjoying your life.
Need help navigating these complicated matters? A Florida estate planning attorney can help ease your mind.
If you want to make sure your family is taken care of after you are no longer here, you need to keep your estate plan up to date. At Casal & Moreno, we are here to help you create the best plan possible. Get in touch with us today to set up a consultation.