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Are you ever really done estate planning?

May 9, 2019 | Estate Planning

Planning for end-of-life matters is important, which many people in Florida understand. However, even if a person made the critical step of estate planning and creating a will, there could still be serious gaps in the plan. Updating an estate plan can be just as important as creating one in the first place, but this step is often overlooked.

Wills reflect the wants and needs of living human beings, and since those wants and needs can change, wills should also change. If a person gets married or divorced after creating a will, the information and wishes contained in it are likely no longer accurate. Failing to update a will that lists only a person’s first spouse and children and not a second spouse and children in that relationship can cause quite a headache for loved ones. While the person’s wishes might have been obvious, it can lead to lengthy court battles that might not yield desirable results.

Most wills are also goal-driven, and most people’s goals change during their lives. The hopes and dreams of a person at 20 are usually quite different at 50, when they might have children or even grandchildren. Younger parents might use their wills to name guardians and provide necessary financial support should they both die while their children are still minors. Older parents might be more focused on providing an inheritance appropriate for their adult children.

Creating a will is not creating a permanent document. Indeed, many aspects of estate planning are designed to be changed and updated as needed. This is why it is so important for Florida residents to revisit their wills and other estate planning documents on a regular basis, making changes when necessary.