Is it time to update your Florida estate planning? We are frequently asked this question by our clients, friends and neighbors in our community. Although this is a personal choice, there are questions we can ask ourselves to best determine if it is time to update our estate plan.
Whenever there is a significant change in your family, your decision makers or your finances, the best course of action is always to talk to your estate planning attorney. Job changes, births, deaths and even buying a new home, can all have an impact on your planning. Your estate planning is meant to take care of you and your family both now and well into the future. Often times, due to family changes or changes in the state law, your estate plan will need to be updated to stay effective.
Do you wonder if it is the right time for you to update your planning? Let us share a few key questions for you to answer in our article.
1. Is your estate plan over ten years old? Not only do our laws change from year to year, so does your family. It is critical for you to make sure to have your planning updated from time to time to make sure these changes are reflected. If you are not sure what changes could impact you, do not wait to talk to your estate planning attorney.
2. Have your finances changed since you created your estate plan? Do not wait to both understand your finances and know what your financial plan is. The slightest change can have an impact on your estate plan, especially if you name a specific asset in your planning documents.
3. Are you planning to retire? If so, it may be time to update your estate plan! There are a number of questions your estate planning attorney will ask, the following are an example of the questions. Do you have enough saved for retirement? Do you want to create a new trust for your children? Do you want to give a financial gift to a family member? Have you planned for your long-term care needs?
4. How is your health right now? Your health can impact your estate planning or your ability to be a decision maker for your spouse. You may have a new diagnosis that needs to be taken into consideration. If you happen to have a serious illness, it is important to talk to your estate planning attorney so you are able to ensure your planning and finances are in order for the future.
5. Do you have a strong support system? Do your children live locally? Is there someone you can call on in case of an emergency? Is there someone you can call for help, even if it is not an emergency? Do you have a plan of action in your estate plan? Do not wait to talk to your estate planning attorney about how your support system is reflected in your estate planning documents.
No matter how recent your estate planning is, do not wait to consider evaluating it. Circumstances may have changed in your life that you want to have reflected in your documents. Discussing your estate planning periodically with your attorney will ensure that it is able to protect both you and those you love when you need it to most. Do you have questions? Don’t wait to talk to a member of our legal team today!