Creating And Protecting Your Legacy

Should you update your estate plan?

On Behalf of | Mar 27, 2020 | Estate Planning |

Florida residents like you work hard to create an estate plan that works. But will this estate plan work forever? Your life circumstances are always changing. Your estate plan should change with it. 

Today we will look at signs it is time to update your estate plan. 

How changes in family affect estate plans 

Forbes discusses many different reasons to update your estate plan. Many of these reasons focus on life changes. Before we explain that, it is important to note that you do not have to wait for a life change. You can edit your estate plan whenever you see fit for any reason. Most people choose to wait for big life changes for reasons of convenience. 

Some of these life changes have to do with your family structure. Have you divorced in recent years? You likely do not want that ex-spouse to get anything from you. Have you married someone new? You may want to include them in your will. Changes may also apply through other new family additions such as children. You may want to change your estate plan if you discover a dependent has a disability, too. This way, you can provide financial support. 

Estate plans and local law 

Other life changes deal with the law. You want to ensure your estate plan complies with local and state laws. This means you should check every now and then to make sure laws you reference are still valid and in effect. If you move, you should also check the laws in your new area. The laws that govern estate plans differ from place to place. 

Finally, change your estate plan to match your financial state of affairs. You do not want to give away things you do not have. You also want to account for anything new that you gain.