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Should you update your estate plan?

On Behalf of | Mar 12, 2020 | Estate Planning

Florida residents like you put a lot of time and effort into crafting an estate plan. But what you need right now will not always be what you need. Your needs and desires will change as you grow. Because of this, there are many times in which it may benefit you to update your estate plan.

Is now the time to update your plan?

Forbes takes a look at different reasons to update your estate plan. Most of them have to do with big life changes. For example, changes in family dynamic are common reasons to edit an estate plan. Did you recently divorce a spouse? Chances are you will not want to keep them in your will. Did you marry or re-marry since you wrote your estate plan? You will likely want to include them. Both of these are valid reasons to update the plan.

Understanding how law affects estate plans

Other reasons include moving to a different state or country. Changes to laws in the area you live also count. The laws of your home affect your estate plan. You should know what these laws are so you ensure your estate plan falls within the bounds of what is legal. You also want to make sure you are referencing laws that are still in place. This is especially true of tax laws.

You can update your estate plan at any time for any reason. This is an important factor for people to understand. But due to the legal complexities, most wait until life changes demand a revision. It is up to you to decide whether you should revise yours. But know that you should change your plan every now and then to reflect your most current needs.