Tax law changes, births, deaths and other significant life changes may call for the revision of the best laid plans. That's why, no matter the hype surrounding current tax laws changes, it is always a good idea to revisit one's estate planning to ensure that the plan is still in line with one's wishes. Florida residents could have a number of reasons to revisit and revise the estate plan.
One such reason is to ensure that the assets are distributed to the heirs one has chosen, and that the methods for transferring the assets are in line with one's wishes. Many people choose to use trusts to deliver assets -- and still use a will as the primary way to communicate one's wishes. A minor child, a disabled adult, an addicted heir or a spendthrift may warrant a need for a structured trust to protect the assets while under their care. If there are any significant family changes, a person may wish to revise the plan.
Guardianship of minor or disabled adults is another valid concern that could give a reason to work on an estate plan. Also, when a person dies, another individual will be appointed to manage the administration of the will. If something happens to this person, an individual may need to appoint another executor to achieve his or her goals.
Estate planning is typically not one and done. Circumstances and people change, and keeping up to date with the changes can prove useful to one's heirs as well as protecting the assets. A person in Florida looking for more assistance with creating and maintaining an estate plan may wish to reach out to an experienced attorney to take advantage of his or her services.
Source: Forbes, "7 Reasons To Revisit Your Estate Plan, Trump Tax Law Aside", Rob Clarfeld, March 15, 2018