Review Your Existing Estate Plan

When You Should Review Your Existing Estate Plan

Many people think that Estate Planning is a one-shot deal. They implement a plan and then lock it away for years and years. In reality, your life is constantly changing, and it is critical that your estate plan change along with it. Your estate planning documents should be reviewed by you and an attorney regularly to ensure that they are still aligned with your goals. There are numerous events that could change your estate planning needs.

We recommend that your estate plan should be reviewed every three to five years.

Many clients are surprised at the number of changes that can occur in a relatively short period of time and have an effect on existing wills. If you have not reviewed your estate planning documents recently, it may be a good idea to make an appointment to do so.

Some reasons to consider reviewing and/or revising your estate planning documents are listed below:

  • Marriage, remarriage or divorce
  • Death of a spouse
  • Big change in total asset value
  • Death or incapacity of an executor, guardian or trustee
  • Relocation to another state
  • Purchase of real estate outside of Florida
  • Birth or adoption of a child or grandchild
  • Serious illness of a family member
  • Purchase or sale of a business
  • Retirement
  • Marriage or divorce of any beneficiary
  • Beneficiary develops a drug, alcohol, or gambling problem
  • Beneficiary becomes financially irresponsible
  • Beneficiary begins a career with increased risk of law suits (lawyer, doctor, etc.)
  • Changes in tax laws
  • Three or more years have passed since your last estate plan review with an attorney