As a Florida resident with an estate plan, you may have heard that maintenance is as important as creation. But do you know how to maintain an estate plan? What about when to update it? Today, we will examine some situations in which updating your estate plan may be the best option.
Forbes takes a look at some of the reasons you may want to consider updating your estate plan. First, they mention situations in which your family structure changes. This can include:
- Marriage or remarriage
- Divorce or legal separation
- Adopting a child
- Giving birth
Depending on your current relationships with these individuals, you may want to add or remove them. You may also want to change beneficiaries if you discover that a loved one requires special care.
Changes to taxes are another big reason. Tax laws change all the time. Make sure that your current estate plan is relying on laws that are still in effect. You should also keep this in mind if you move to a different state or country. Each location has its own tax laws and you will want to be sure that your plan is compliant with them.
Finally, know that you do not have to wait until any of these changes happen in order to edit your estate plan. You are free to change it at any time for any reason. Make any change you would like, whether it is to appoint a new business heir or change your power of attorney. After all, this document is important and should reflect your desires as precisely as possible.
