An estate plan directs who will gain control of your assets when you pass away. Because dying can be a scary topic, it may be difficult for some families to start drafting this important document. However, knowing more about how they work makes things much easier in the long run for everyone involved.
When are some of the times that you should update your estate plan in Florida?
When there is a birth in the family
Welcoming a new baby to the family is a huge reason to update your estate plan. For example, you might want to make provisions regarding:
- Who will gain custody of your child if you pass away
- Which assets you want your child to receive upon your death
- Whether you want to establish a savings account for the child
Even if you are not the parent or guardian but instead a close family relative, you may wish to update your plan to establish, for example, a trust fund for the new child.
When there is a death in the family
If someone passed away who was one of your beneficiaries, you will want to remove them from your will and consider naming someone else. In addition, any time there is a major event in the family, it is a good idea to go over your estate plan in general and update any other items, even if not related to the event.
It is important to keep your estate plan up to date, especially after these life events.