As a Florida resident with an estate plan, you are already a step ahead of the rest. But did you know that you should update your estate plan? Today we will examine the question of whether you should wait to make estate plan changes.
First of all, many people are not even aware that you need to change established estate plans. They should be a reflection of your most current circumstances and wishes. Life is in a constant state of change. Therefore, it goes to reason that your estate plan should also change to match your situation. For example, a divorcee will likely not want their ex-spouse to receive any assets. Someone who remarries will want to add their spouse. New adopters will also likely want to add their children.
But it is not only big life events that require estate plan updates. Sometimes, you may go through a period in which not much changes. This does not mean you should let your estate plan remain as it is. You should check them to ensure they are compliant with local laws, which are constantly in flux. It is particularly important for you to keep an eye on tax laws. You may even change your mind on asset divisions for reasons unrelated to life changes.
The field of estate administration can be complex. Reading more about it can help clear up any confusion you may have. To that end, you may wish to follow the link here. It will take you to our web page on estate administration, where you can continue learning about estate planning and more.