Once you create an estate plan, you’ll feel much better about the future. With this in place, you won’t have nearly as many concerns about what will happen to your assets upon your death. You’ll also have confidence that your loved ones will be okay after you’re gone.
However, don’t assume that you can keep your first estate plan in place for the rest of your life. There are times when you need to review your estate plan with an eye toward making changes. Here are five signs that you should take immediate action:
- Marriage or divorce: If you’re tying the knot or divorcing your spouse, you’ll want to review your estate plan. For example, you probably don’t want to include your ex-spouse in your will.
- New federal or state laws: Estate planning laws change from time to time, and this could impact the decisions you’ve made. Stay current with estate planning laws to better understand the impact on your estate plan.
- A beneficiary has passed on: Maybe you planned on leaving everything to your spouse. If this person passes on before you, it’s imperative to immediately review and alter your estate plan. If you pass on before doing so, you lose control over where your assets end up.
- Change in guardian or executor: You may want to change the guardian of your minor children and/or the executor of your will. There are many reasons to make these changes, such as if your guardian or executor becomes ill or passes away.
- Increase in the value of your estate: If the value of your estate suddenly increases, perhaps because of an inheritance of your own, consider how this will impact your estate plan.
You never know what the future will bring, so make sure you’re willing to review and update your estate plan as necessary. It may not be your idea of fun, but it’s the responsible thing to do.
Once you make the appropriate changes to your estate plan, you’ll once again feel good about anything the future can throw at you.
For more information on all things estate planning, visit our website and review our past blog posts. There’s never a bad time to learn more about estate planning in Florida and the steps you can take to better protect yourself and loved ones.