Once you have an estate plan created and in place, it is all too easy to forget about it for years at a time. However, many things happen in our lives that make it necessary to adjust an estate plan, and it is important to review your plan on a regular basis with the help of a Florida estate planning lawyer. The following are some issues to look for in 2020.
Life Changes
Did you experience any major life changes in 2019? Many different life events can affect our estate plans – either rendering certain terms undesirable or needing additional terms added. The following are only some life events in 2019 that might warrant changes to your plan in 2020:
- You got married – Florida law gives spouses certain inheritance rights regardless of an estate plan, though these laws might not give your new spouse what you want them to have. You can use your estate plan to provide for your new spouse as you wish. In addition, if you get married and have children from a previous relationship, you should update your estate plan to ensure your children are also covered.
- You had a child – Not only do you want to include your child as a beneficiary to a will or trust, but you also want to include will provisions that designate a guardian for the child if something happens to both parents.
- You’re getting divorced – A divorce terminated spousal inheritance rights in Florida, though only upon a final divorce order. If you are in the process of divorce, you might want to update your estate plan to remove your soon-to-be-ex-spouse. If you pass away during the divorce process, they still might inherit everything if you do not update your plan. You also want to remove them as the power of attorney if needed, as well as revoke any joint trusts and form a new one.
Property Changes
Estate plans should be designed based on the nature of your property and the identity of beneficiaries. If your property substantially changes, it will likely warrant an amendment to your estate planning documents.
If you experienced a windfall, you should review who you want to receive your additional assets and property. You might want to add charitable donations if you believe your
beneficiaries are inheriting enough from your estate. On the other hand, if you suffered losses of property or assets, you want to ensure that all of your beneficiaries are inheriting as you wish. This might involve removing other non-family beneficiaries and other such steps.
Seek Assistance from a Florida Estate Planning Attorney
At The Legacy Law Firm, we know that creating an estate plan is imperative, and so is regularly reviewing your estate plan and making necessary amendments as appropriate. We can advise you of possible changes that might benefit you and your family, and ensure these changes are effectively implemented. Whether you need assistance with a new or existing plan, call 954-999-9683. or contact us online to discuss your estate planning needs today.
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