An Estate Plan should reflect your circumstances in life. Consequently, it may need to be revised from time to time. Estate Planning is the process of predicting and organizing, during a person’s life, for the management and disposal of that person’s estate during their lifetime, in the event of incapacity and after death. As for the latter aspect, it is also the process of creating or establishing a legally binding plan for what will happen to your estate, i.e., the payment of taxes and expenses as well as distributing assets such as real property, money, personal belongings, etc., after your death. An Estate Plan is customized to everyone’s particular or individual needs, circumstances, or situations. Planning can be done using wills, trusts, insurance policies and other instruments. It will change alongside changed circumstances or after significant life events.
You may need to change or update your current or prior Estate Plan after one or more of the following significant life events.
After getting married or remarried and you have someone new in your life, you will want to include or at least consider them in your Estate Plan. If you have a new spouse or a long-term partner who you want to be included in your Estate Plan, you will need to add them yourself. Make sure to do this modification sooner rather than later.
After divorcing, it may seem obvious that you would no longer want all or any of your assets to be distributed to your ex-spouse. Certain matters may be reworked by law or statute, but if you want your ex-spouse properly removed from your Estate Plan, you should actually do it and revise your plan accordingly to avoid unintentional outcomes or surviving family members having to deal with uncomfortable consequences later.
After having a child through birth, adoption, or marriage, adding a new child to your family is always a significant event. After you have added a new child, make sure to add them to your Estate Plan as well. This is especially important for blended families when adding stepchildren, if applicable.
After relocating to another state or country, one must consider that Estate Planning rules may vary from state to state and certainly in foreign countries. If you have recently moved to or from Florida, you want to work with an Estate Planning attorney experienced in that state or country to update your prior Estate Planning to be valid in your new state or country.
After a substantial financial change, whether you win the lottery or file bankruptcy or any other significant change, it is important to change your Estate Plan after the size of your estate has been substantially altered. If you have recently had a positive financial change, then more Estate Planning opportunities may be available to you. If your finances have taken a dive, make sure to change your Estate Plan to protect your future.
If you need assistance in Florida when redoing, revising, orupdating your Estate Plan, please contact one of the attorneys of CASERTA & SPIRITI at your earliest convenience. We have many years of experience with Florida Estate Planning and can assist you in making the appropriate changes which are best suited for your current circumstances.