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Protecting Your Legacy
For more than 35 years, individuals, families and businesses in Florida have relied on our law firm for help. You can too, call today for a free initial consultation.

The importance of keeping estate plans current

People in Florida who are making an estate plan should keep in mind that doing the plan once and forgetting about it is not sufficient. Estate plans should be updated regularly to account for changes in family, lifestyle and assets.

Estate planning is not just limited to trusts and wills, and reviewing life insurance is an important part of keeping the estate plan updated. Changes such as marriages or divorces or the birth of children may trigger a beneficiary change. Other changes may be necessary due to new employment or purchase of a new home.

Similar changes may call for other documents, such as powers of attorney, trusts and wills, to be altered. Purchasing real estate or other asset changes, mental or physical health issues among family members or a change in professional relationships might all require an update. It is important to be sure that people who have important roles such as health care agents and attorneys are still the right choices.

Federal and state tax rules also change, and it is important to keep an estate plan updated in light of these changes. State taxes may dictate whether it is best to split assets between spouses and other decisions about distribution of assets.

An attorney may be able to assist in a regular review of these types of documents. For example, one type of change that might occur could involve a family business. A family member might decide to pursue a different type of career, and this could necessitate a change in estate planning documents. Another family member might develop a chronic degenerative disease, and a trust could be set up to financially support that person. Remarriages should also lead to a review to protect children from previous relationships as well as providing for any additional children.

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