Make important legal decisions with confidence.

When is the right time to update your estate plan?

On Behalf of | Apr 22, 2022 | Wills And Trusts |

Creating an estate plan is one of the first things that you should do upon reaching the age of majority. Doing so may help to ensure that your voice is heard even if you are unable to speak. It can also help to ensure that a Florida home, business or real estate portfolio can be passed to your heirs in a timely manner. However, in addition to creating such a plan, you must also be sure to review and change it when circumstances warrant.

Review your plan at least once a year

It’s generally a good idea to have an estate planning session at least once every 12 months. Taking such a step gives you an opportunity to review documents for misspellings, omissions or other problems that could invalidate a will, trust or power of attorney. It also gives you a chance to make sure that you still need a trust or that you still want a spouse or friend to be the beneficiary of a bank, brokerage or life insurance account.

Has the tax code changed recently?

A change to the tax code could mean that you no longer need the trust that you created to help reduce your estate tax bill.

Has a major life event taken place?

The birth of a child or death of a spouse may force you to make changes to your estate plan. If you get married or follow through with a divorce, it may also be a good idea to take a look at your current estate planning documents.

Making changes to your estate plan today may reduce the risk that it won’t meet your needs in the future. If you do make changes to your estate plan, it may be a good idea to communicate those changes to your executor, trustee or anyone else who plays a vital role in managing your affairs.