Creating an estate plan requires patience and careful consideration. People need to consider their loved ones and their resources. They should think about the legacy that they hope to leave when they die. Yet, it is quite common for people to procrastinate about estate planning, as they find considering their own mortality or medical decline later in life difficult and even unpleasant. Unfortunately, those who do not plan carefully put their loved ones at risk of unnecessary complications at their death.
Without an estate plan, a person’s assets may not pass to whom they intend. There is also the possibility of disputes that could lead to litigation in the Florida probate courts. Planning helps reduce the likelihood of conflict and the wrong people inheriting assets. Documents should also be kept up-to-date and accurate, but how often are revisions necessary?
It is best to check documents every few years
The best way to ensure that estate planning documents have not become outdated is to commit to reviewing them two to three times each decade. Many changes in circumstances are gradual, which means that people need to occasionally check their paperwork for outdated beneficiary designations and assets that they no longer possess.
Every few years, sitting down to review the assets included and the beneficiaries named, as well as the documents added to the estate plan, can help ensure that the estate plan effectively addresses an individual’s needs and gives their family the proper instructions for after their death.
Major events require revisions
Those who experience dramatic changes in their personal circumstances may need to update their estate planning documents accordingly. The sale or acquisition of assets, including business interests and real property, may necessitate revisions to an estate plan. A change in marital status is also cause for estate planning revisions. The birth or death of family members or other beneficiaries can make an update necessary as well.
Persons who keep their documents accurate and updated are less likely to have their families fight over their assets after their passing. Sitting down – relatively regularly – to review and update documents with a Florida estate planning attorney familiar with probate and trust laws is important.