Is it time to update your estate plan?

As a resident of Florida, it is important to have an estate plan prepared. However, you cannot simply write your estate plan and then leave it untouched. You must also be prepared to update it frequently so that it accurately reflects any major changes in your life.

Forbes discusses some of the prime points in your life where it may be beneficial to update your estate plan. This includes major life changes to relationships, finances, laws, or your current location. In terms of relationships, examples include divorcing, getting married or re-married, or discovering that a dependent has a learning disability.

For finances, this can involve any changes to the assets you currently own. Both positive and negative changes should be included. Some examples involve falling into debt, filing for bankruptcy, or coming into a large sum of money due to inheritance. You want to make sure what you wish to hand down accurately reflects what you have to give.

Relocating to another state or even a different country also often demands looking at your estate plan again. This is because certain laws regarding estate planning only apply to the state itself and will no longer apply when you move away.

Changes to laws in your area, especially tax laws, can also change how you handle your financial matters. Many people wish to spare their loved ones from having to deal with the heavy burden of high taxes on an estate and will adjust their estate planning if laws change. If any of these aforementioned situations apply to you, it may be time to consider revisiting your estate plan.