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Does your estate plan need a checkup?

On Behalf of | Aug 10, 2021 | Estate Planning

Many changes occur in life in Florida as time goes by. For example, your child can have a child, federal or state laws can change, you may have bought something valuable like a watch, jewelry, or house, or the value of your stocks may have changed. If anything significant has happened that isn’t accounted for in your estate plan; then you will need a checkup. Here is how you can go about it.

When should you carry out an estate planning checkup?

The simple rule of thumb regarding when to conduct an estate planning checkup is immediately a situation change that might affect your plans. Of course, this might vary among different individuals, and thus some people may need to review their estate plans yearly, while others can do so after five years.

Factors that can affect your estate plans

  • When any change in your life events occurs, you need to review your estate plan. For example, if you or one of your beneficiaries divorces or remarries, is incapacitated, gets a child, or dies, you should check up on your estate plan with your attorney. Also, your affections might change, for instance, your relationship with one of your beneficiaries can grow sour, and you may want to change the details of your estate concerning them.
  • You must change the details of your estate plan if you are moving to a new state. Different states have different laws, and thus you should ensure that your plans are aligned with those laws.
  • Changes in federal or Florida state law can also impact your estate plans. For instance, there might be a change in the powers of trustees and attorneys concerning estate plans, taxations, or any other relevant alteration.
  • Have you bought a new stock, watch, jewelry, house, art, or is there a change in the particulars of your liabilities? Then you need to check up on your estate plans.