An estate plan isn’t something you can make once and then forget about. You need to update your estate plan regularly to make sure it’s compliant with changes in statute as well as with changes in your personal needs. Here are 5 reasons you might need to update your Florida estate plan.
1. The Law Has Changed
Lawmakers are constantly reviewing and changing the laws that govern Florida estate planning. For example, the Florida state legislature recently revised the statutes governing Florida durable power of attorney arrangements, so that the so-called “springing power of attorney” is no longer permissible. Laws change on the federal level, too. For example, a surviving spouse may now use the deceased spouse’s federal estate tax exemption regardless of what it says in the documents.
2. Your Family Has Changed
If you’ve added new family members, you need to change your estate plan to reflect that. You may need to change guardianship provisions to account for the care of a new child or grandchild, as well as provisions concerning the distribution of your assets to heirs. You may also need to make updates to your medical plans.
3. Your Needs Have Changed
As you get older, you’ll need to make changes to your estate plan, including changes to your living will or medical power of attorney, or changes to your living trust. You may also begin pre-Medicaid planning or begin planning to downsize your estate so that the next generation of your family can enjoy federal estate tax savings.
4. You’ve Divorced or Remarried
If you have recently divorced or remarried, it’s a good idea to take a look at your estate plan to see if there is anything you need to modify. For instance, you might want to change beneficiaries or personal representatives. You might need to make changes to ensure that your new partner is taken care of in the event of your death. This is important to consider even if you have not remarried – as you may want to make arrangements to provide for your new partner even in the absence of marriage.
5. You’ve Moved to a New State
If you have moved to a different state from the one you initially set up your estate planning in, you’ll want to check to see if you need to make changes. Each state has different laws and requirements that could affect the plans you’ve already made. To be on the safe side, you should check to see if you need to change any of your estate plan.
Our Trusted Florida Estate Planning Lawyers Can Help
Estate planning isn’t something people usually enjoy revisiting over and over again. However, in order to ensure your loved ones are taken care of when you pass away, it’s important to consider whether or not changes in your lifestyle warrant a change in your estate plan.
The attorneys at Beller & Bustamante, P.L. can make sure everything is in order according to what you want. To schedule a consultation, call us today at 904-288-4414 or use our online contact form to set up an appointment.