Florida residents who have an estate plan should not assume that it will never need to be revised. There are certain situations that warrant updating one or more of its components.
You’ve gotten married or remarried
If you have recently gotten married, you will want to update estate planning documents such as your will to reflect that you will leave assets and property to your spouse. Your spouse should be named as a beneficiary. The same goes if you have gotten remarried to a new spouse; you will want to remove your former spouse and add the new one as a beneficiary to inherit your property and assets.
Additionally, if you got remarried and your new spouse has their own minor children, you might want to add their names to your estate planning documents as heirs.
You’ve had children
As a new parent, you will want your estate plan to reflect that you have a child and plan on leaving property and assets to them. You should also update your will to include guardians who will get custody of your minor child and raise them in the event of your death.
You got divorced or became widowed
After a divorce, you should immediately update your estate plan and remove your ex from important documents. Of course, you will no longer want them to be a beneficiary or serve as a trustee for your trust.
You will have to do the same thing if your spouse dies. You will want to revisit your will, trust, retirement plan and insurance policy and have their name removed.
Your beneficiary’s status changed
If you have a beneficiary whose status has suddenly changed such as through incapacity, you will want to modify your estate plan.
You no longer want someone as a beneficiary
Sadly, it might sometimes be necessary to remove a beneficiary due to reasons other than death. For example, if you have a child who is estranged due to a falling out, you might have no choice but to remove them.