Creating an estate plan is important, whether you have significant assets or not. It generally makes your life and the lives of your loved ones easier, even years after you are gone. However, there are circumstances where failing to update your estate planning documents in Florida would be akin to not having them at all. Here’s how.
A change in your circumstances
It’s normal for your circumstances to change over time, such as getting married or divorced, having children, acquiring new assets, etc. If you wish to reflect these changes in your estate plan, it is essential to ensure that you update all of the documents accordingly; otherwise, the court will render them invalid.
Failing to meet Florida’s requirements
The rules change from time to time and so it is up to you to ensure that all of your estate planning documents are up to date with current state laws. What to keep a keen eye on are taxes and inheritance laws.
Bad health
If your doctor gives you a diagnosis that would significantly affect your well-being, you may need to also make accommodations for the expenses that may come with that. For instance, you may need to update your documents to include provisions for a caretaker or to designate a guardian in the event of incapacity.
Change in preferences
Sometimes, your preferences or those of your loved ones change, and you need to include these changes in your estate plan. For instance, if you wish to leave something to a charity, instead of an individual, update all the relevant documents.
Relocation
If you have relocated to Florida from another state, you must ensure that all your estate planning documents follow the state’s laws. Otherwise, your estate could incur additional fees or penalties when your executor is distributing assets.
Reviewing and updating your estate plan periodically is essential to ensure that it reflects your current circumstances and remains valid. Not doing so may cause serious distress to your loved ones should anything happen to you.