A comprehensive estate plan evolves over a lifetime. If you are a Florida resident who recently relocated from another state to the Sunshine State, you should consider reviewing and updating your documents.
According to Fidelity, reviewing your estate plan at regular intervals is important. You should also consider reviewing your estate plan after substantial life changes. Regularly reviewing your estate plan can ensure your documents reflect not only your current life circumstances but also legislation changes as well.
Many people review their will, power of attorney and other documents annually or semi-annually when they check their overall financial plan. However, certain life events also warrant updates to your estate plan, such as the following:
- Birth or adoption of a child
- When a child or grandchild turns 18 or 21 years old
- Marriage and divorce
- A significant change in investment values
- Large inheritance or gift
- Death of a beneficiary or personal representative
If you recently relocated to Florida, some aspects of your estate plan may require modifications. One of the most pertinent issues lay in ensuring your will is self-proved. This means that you sign an affidavit while in the presence of a Notary Public and two additional witnesses, as required by Florida law. It must be self-proved before going to probate.
If your personal representative, known as the executor in many other states, is not a family member, they must be a Florida resident. A trust company or bank may also serve as your personal representative if it conducts business in the state.
Other components that might require changes include durable powers of attorney and revocable living trusts. Making the updates needed for your new home state can save your family time and money when you pass away.