Once you have finished writing your estate plan and you feel good about having addressed all of the details that are most important to you, it is time to sit back and breathe a sigh of relief. However, this only lasts for a time before it is necessary to revisit your plan and assess whether or not it needs to be modified in any way. At Fradley Law Firm, P.A., we have helped many people through the process of building their estate plan in Florida.
One of the most common errors that people make when they create an estate plan, is that they forget to update it when important changes in their life occur. If you fail to address important changes and reflect them in the content of your estate plan, you may find that it does not go the way you had hoped. Part of having a well-written plan requires you to keep it updated, and experts recommend that you review its content frequently to make sure everything is still correct to your current situation.
According to Forbes, some of the reasons that you may consider modifying your original plan include the following:
- The items that hold value to you begin to change.
- People that you have previously chosen to be trustees or personal representatives are no longer in a position that you are comfortable with.
- The liabilities you have change.
- You have moved to a different state.
Also, if your martial status has changed, your estate plan will substantial change.
When you know the kinds of events that may change the way your estate plan works, you may feel more confident about taking action to modify your plan right away. For more information about planning an estate, visit our web page.