As a resident of Florida who has already written a comprehensive estate plan, the only thing left for you to do is maintain it. One way to maintain an estate plan is by checking in every few years to see whether or not your plan needs to be adjusted or updated in any way.
Estate plans do need periodic adjustment for many reasons. In the end, it all boils down to the fact that life is unpredictable and constantly changing. You want your estate plan to reflect the most recent set of circumstances you are currently facing in life. Therefore, you want to consider estate plan updates at any major life change you face. This can include:
- Marrying or remarrying
- Divorcing a spouse
- Adopting a child or giving birth
- Discovering that a dependent has a developmental disability that will need financial support
- Moving out of the city or state
- Laws involving estate plans changing in your area
Another big area of change involves your finances. There are very few people who will go through life while maintaining the same financial situation. You may want to update your plan any time you come into money, or any time you fall into a significant amount of debt. This is especially true if you have to file for bankruptcy.
Even if none of these events happen, it is still generally advised for everyone to reexamine their estate plans every few years. If you have any interest in continuing to read about matters involving estate planning, give our web page on the same topic a look.