Reviewing estate plans a good idea

Florida residents who have taken the steps necessary to put together their estate plans should be proud of their efforts to protect their assets in this way. However, estate planning is not a one-time activity. There are many situations that logically warrant a review and possibly even a revision to existing plans, including even a simple change of mind.

Major life events such as marriage, divorce or death top the list of things that may necessitate a will change. This can involve the individual creating the estate plan directly or a family member. For example, if a couple’s will was developed 10 years ago and since then, two of their adult children have had their own children, adding in provisions for the grandchildren may be desired.

Similarly, any significant change in assets should accurately be reflected in a will. This may involve the receipt of a large inheritance or the purchase or sale of a business. An asset change may also result in some losses that should be reflected in an estate plan. Any move to another state is a definite reason to update a will as each state has some unique laws. Additionally, any such move can include the sale or purchase of a home which must also be accounted for.

Even without a specific reason, conducting a regular review of one’s estate plans can be beneficial. People with questions about this may benefit from talking to an experienced attorney to understand what is involved with updating a will.

Source: Forbes, “8 Reasons to Revise Your Estate Plan Today,” Mark Eghrari, January 28, 2016

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