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Is it time to revisit estate planning?

Dec 5, 2018 | Estate Planning

Creating an estate plan is an important part of becoming an adult. However, simply drawing up a will and choosing someone to act as a health care proxy does not mean that a person’s job is done. Regularly updating documents is an important part of estate planning that many people in Florida tend to overlook. Here are a few situations that indicate a person should consider updating his or her plan.

For those who created their estate plan while living in another state, an update is in order. Laws that govern estate planning are typically not covered at the federal level, so anything someone drafted while living in another state may no longer be relevant. Individuals who recently moved to Florida should make sure to update their wills, trusts, living wills and health care powers of attorney, or take the risk that these documents may be ineffective in this state.

Even if a person has always lived in Florida and has not so much as moved to a different zip code in recent years, an update could still be in order. Acquiring or getting rid of assets, changing account beneficiaries, the birth of new family members or simply the passing of time can all impact the effectiveness of an estate plan. Even in the absence of any significant life changes, those who have gone three years since creating or updating their plan should take the time to revisit things.

An estate plan can only be as effective as the information contained within it. While estate planning may not be a Florida resident’s favorite activity, failing to perform regular and needed updates is unwise. An outdated will could potentially leave surviving family members with bigger headaches and problems than the original creator of the will intended.