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Should you update your estate plan?

On Behalf of | Feb 19, 2020 | Estate Planning

As a resident of Florida who already has an estate plan, you may think this is enough and that you can stop thinking about estate planning. Unfortunately, that is not entirely true. As things change in your life, you will want your estate plan to be as updated as possible so that it accurately reflects your most current desires.

Why should you update your plans?

There are many reasons to update your current estate plan. Examples can include the laws in your area changing, especially if they have to do with taxes or other financial issues. Speaking of finances, you should always be ready to change an estate plan if you have any drastic changes to your financial situation. This can include gaining or losing money. Examples include falling into debt or coming into the inheritance of a large sum of money.

Big life changes are another reason to update any plan you may have. If you move to a different state or even a different country, for example, the handling of estate plans may be different. Likewise, if you face a big life change in terms of your family dynamics, this could require you to update your plans. For example, you may want to write an ex-spouse out of certain things if you get a divorce. If you discover that a child has a learning disability, you may want to create a trust for them.

When is the right time to update?

After updating your estate plan, there are certain periods in which you may want to change your estate plan again. There is no “right time” for changing or updating your estate. It is typically suggested that you change it whenever there are big shifts in your life, like the ones mentioned above. If there are no big changes, you should be sure you update your plan every few years.