When Should I Update My Estate Plan in Florida?

Many people do not have a proper estate plan in place. According to the AARP, only approximately half of adults who are over the age of 50 have a valid will. If you have an estate plan, that is a great first step. However, an out-of-date estate plan may not offer the protection that you need. You should review your estate plan on a regular basis and update it after major life events. Here, our St. Petersburg estate planning attorney highlights common circumstances that could require an update to your estate plan in Florida.
Marriage
Marriage is one of the biggest, most important life events. It will have significant implications for your estate plan. If you get married, it is highly recommended that you have your estate plan reviewed by an attorney. As a general rule, you should update your will, any trusts, powers of attorney (POA), and beneficiary designations.
Divorce
A divorce is just as big of a life event as a marriage. It also requires a review and, likely, an update to your estate plan. You may no longer want your ex-spouse to inherit assets or serve in key roles like executor or healthcare agent. Do not rely on Florida law for an automatic update of your estate plan.
Birth of a Child
Welcoming a new child to your family is another very important reason to update your estate plan in Florida. You may want to name a guardian, set up a trust, or add them as a beneficiary. Proactive planning can provide you with true peace of mind.
Birth of a Grandchild
For many people in Florida, the birth of a grandchild is also a great time to review, and potentially, revise an estate plan. You might want to establish or adjust trusts to provide for their education or other needs.
Death of Named Beneficiary
If someone listed in your estate plan passes away, it is important to update your documents. You may need to replace them as a beneficiary, trustee, executor, or agent. Without revisions, your plan could become outdated and ineffective.
Major Change in Assets
Significant increases or decreases in wealth can impact your estate planning goals. You may need to revise how your assets are distributed or consider new financial strategies.
Health Decline
If your health is declining, it could be a good reason to update your estate plan. You might need to update advance directives, powers of attorney, or clarify end-of-life preferences.
Set Up a Confidential Consultation With a Top St. Petersburg Estate Planning Attorney
At Fisher & Wilsey, P.A., our St. Petersburg estate planning attorney is standing by, ready to help you find the best solution. If you have any questions about updating your estate plan, we are here to help. Call us now or contact us online for a fully confidential consultation. Our firm provides estate planning services in St. Petersburg and throughout the surrounding region in Florida.
Source:
aarp.org/pri/topics/work-finances-retirement/financial-security-retirement/wealth-transfer-inheritance-wills/#:~:text=However%2C%20just%20half%20(51%25),%25%20of%20adults%2065%2Dplus.