Creating a will, naming beneficiaries, funding trusts and much more can go into planning one’s end-of-life wishes. Estate planning can often take a lot of time and effort, which is why many Florida residents may feel relieved when they complete the process. While this certainly is an accomplishment, it is important to remember that these plans may need updating over time.
Creating an estate plan early can have many benefits, particularly because anyone of any age could find themselves incapacitated or suffer a fatal illness or injury. It pays to be prepared and to give oneself and one’s family peace of mind. However, life comes with many changes over the years, and a plan someone made in early adulthood may no longer suit one’s needs after a few years.
If any of the following life changes apply, it is wise to review and update one’s estate plan:
- Changes in estate planning law, tax law or other laws have occurred.
- A person has moved to another state.
- A person has had children since creating the plan and needs to update the will to account for guardianship of the children.
- The need for a power of attorney has presented itself, or the need to change someone already appointed to the role has come up.
- An individual has simply changed his or her mind about certain details of the plan.
Even if a major life change has not occurred, it is wise to review estate planning documents every few years. Some Florida residents may not entirely remember what they put in their plans, and something that seemed fitting years ago may no longer apply. Fortunately, if individuals do feel the need to update their plans, experienced attorneys may be able to help.