How can you update your Florida estate plan after a life change?

Life changes like marriage, childbirth, divorce, or health shifts require you to adjust your estate plan. Staying proactive helps ensure that your wishes reflect your current situation and that your loved ones are protected. Here’s how you can update your Florida estate plan after a life change.

Review beneficiary designations

After a life event, review the beneficiary designations on your accounts, including retirement accounts, life insurance policies, and bank accounts. These designations override your will’s provisions, so keeping them up to date is crucial.

Update your will and trust

Life changes often require you to revise your will or trust. If you’ve had a child, name a guardian or set up a trust for them. After a divorce, remove an ex-spouse from your will and update asset allocation to include your new family members.

Adjust your powers of attorney

Powers of attorney allow you to designate someone to make financial and medical decisions for you. After a major life event, select new individuals for these responsibilities. For example, assign your spouse as your agent after marriage or choose a trusted relative to make decisions for your minor children.

Consider tax implications

Life changes can trigger tax consequences, requiring updates to your estate plan. For example, inheriting assets or growing your estate may affect your tax status. Consult with a Florida estate planning professional to understand the impact and adjust accordingly.

Review your health care directives

Health care directives, such as living wills and health care proxies, ensure that your medical wishes are honored if you cannot communicate them. After a life change, review these documents and appoint trusted individuals to carry out your wishes.

Updating your estate plan after a life change ensures your new circumstances are reflected. Whether you’re marrying, divorcing, or welcoming a child, updating your key documents provides peace of mind.