When You Should Update Your Estate Plan
It’s a good idea to review your estate plan every so often to see if there’s anything that needs to be updated. This is especially true after you have gone through a significant life event, such as marriage, the birth of a child, divorce or adoption. But even if you haven’t experienced any of these types of milestones since your last estate plan revision, you might need to make some tweaks based on changes in tax laws or your specific financial circumstances.
There’s also the chance that you have changed your mind about how you want your property to be distributed after you pass away. In some situations, this is obvious — after a divorce, for example, you almost certainly wouldn’t want your former spouse to inherit most of your property. In some cases, you may be able to eliminate provisions relating to a former partner in your will, or a will created prior to a divorce could be considered invalid. However, it’s better to be safe and remove that person from the will completely, if you so desire.
Considering multiple angles
There might even be smaller changes in your life that lead to you changing your mind about the way your property is transferred. Perhaps you need to consider how one of your children would be able to handle his or her inheritance, or you believe passing down a certain item to one of your children might cause friction in the family.
An estate planning attorney works with you to help you know when to update your estate plan, especially when it comes to changes in estate laws that may affect you. For more information on revising your estate plan, speak with a skilled Florida attorney at the Charles Law Offices.