Floridians of all ages should understand the importance of creating an estate plan. While many may heed the advice and establish an effective estate plan, these same people may not revisit and revise it when they should.
The professionals at Fisher & Wilsey, P.A. are here to alert you to the times when changing your estate plan is essential. Familiarize yourself with the changes in life that should necessitate revising your end-of-life wishes.
People facing marriage at any age in life need to understand the importance of updating estate documents to reflect their new spouse. Legal spouses typically become the first stop in the inheritance chain, even without a will. However, naming a spouse becomes crucial in documents such as living wills and medical directives. If you want your spouse making these types of decisions on your behalf, you need to revise your estate plan.
Just like marriage, divorce also necessitates a comprehensive change in your estate plan. You should remove your former spouse from all decision-making directives and your will unless your divorce decree requires inclusion. Update property ownership information and beneficiary designations in related documents.
Having children may come along with marriage, or it may not. Revisit your estate plan to include a designation of guardianship in the unfortunate event that you die before your children turn 18 years old. This is an important step as it will stop the need for the court to decide who your children live with and allow you the opportunity to state your wishes. Financial documents should also change to reflect your children.
Estate planning makes things easier on your family after you pass away. For more insight on the process, visit our website here.