Updates and changes to estate plans are important

One of the primary benefits of having a comprehensive plan for the future is knowing that your interests are secure. With an estate plan in place, you can feel confident that you have control over your medical decisions in case of incapacitation and what happens to your property after your death. However, once you have an estate plan, it is not something to set aside and forget about. It is important to regularly review and update your long-term strategy.

Life is unpredictable, and yours could change in ways that you do not expect when you first create your plan. It is critical that you remember to keep your plans current so that there are no issues when it is time to settle your estate or enact on your plans in the future. Even if you don’t think changes are necessary, regularly reviewing your plans is beneficial.

Life changes should lead to estate plan changes

There are specific times when changes in one’s life will likely necessitate changes in an estate plan as well. If you do not update your plan as needed, you could be leaving your loved ones with complications and problems that they may not be able to navigate without legal assistance. The following are examples of potential life changes that could lead to changes with your estate plan:

• You have gotten married, divorced or remarried after divorce.
• You had additional children, or there are now new grandchildren in the family.
• You would like to make your grandchildren beneficiaries of your Florida estate.
• Your financial position has changed, and your estate plan needs to reflect that.
• You have a child or grandchild with disabilities that will need support long-term.
• You have changed your mind regarding the distribution of your assets after death.
• You need to add or remove specific individuals as beneficiaries.
• You would like to change your end-of-life care plans and preferences.

A careful review of your plans, your goals for the future and other factors can help you determine what changes might be necessary for your existing plans. If you are unsure of what you need to do to ensure you have the most up-to-date estate plans, you may benefit from seeking professional insight regarding the options available to you.