Is it time to update your Florida estate plan? Consider what may have changed.
An estate plan is designed to be able to change with you as your needs evolve or your family expands. Even if you believe your estate plan is set in stone, some event or circumstance may require you to update your Florida estate plan. This is why working with an experienced attorney at The Millman Law Group is advised, so you understand the best ways to update and adjust your estate planning documents. But when should you make those updates? Several instances are likely to require a change in your estate plan.
Changes in Family Circumstances
Changes in personal relationships can have a significant impact on estate planning. Whether you are enjoying a new marriage, navigating divorce, or mourning a spouse, these events necessitate a review of your estate plan.
The updates are required to update beneficiaries and ensure your wishes are respected, and your assets are passed on to those you care about. Failure to update your Florida estate plan after these scenarios may mean an ex-spouse inadvertently inheriting your assets or a new spouse not being provided for.
Financial Shifts and Asset Changes
A significant increase in assets, or a loss of assets, calls for a strategic update to your estate plan. Additionally, if you acquire property in another state, you may be subject to those state estate laws. For Florida residents, you must take proactive steps to integrate your properties into your estate plan and avoid multi-state probate. Your attorney at The Millman Law Group can advise you on how to best prevent that scenario, including using trusts to provide a more seamless transition of assets.
Legal and Tax Law Amendments
Staying informed of current tax laws is a crucial part of estate planning. Recent amendments to Florida estate tax laws can impact your estate planning strategy. For example, changes in tax exemptions or rates might open up new opportunities for tax savings.
Legislative updates pertaining to estate, trusts, or powers of attorney can also influence your estate plan. Your Millman Law Group attorney stays up-to-date on estate planning laws so they can recommend whether any changes may be best for your estate plan. These changes may prompt you to revise powers of attorney or adjust trust provisions to reflect new state statutes. When you update your Florida estate plan to conform to current legal requirements, you can be sure that your estate plan will be executed as you wish.
Decline in Health or Disability
A decline in health or the onset of a disability may call for a more hands-on approach to estate planning. This may mean updating healthcare directives to reflect new medical wishes or revising powers of attorney to designate someone to manage your affairs if you are incapacitated.
Time-Related Updates to Your Florida Estate Plan
Just as you schedule regular maintenance checks for your home or vehicles, you should also establish a routine for updating your estate plan. At least every three or five years is recommended for reviewing your plan. If any milestone events occur–retirement, children reaching adulthood, significant anniversaries–you may decide to update your estate plan sooner.
Estate Planning Made Easy With Millman Law Group
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs Trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.