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Should I edit my estate plan now or later?

| Dec 14, 2019 | Estate Planning |

Florida state laws decide how to handle estate matters. Across the board, experts encourage people to write their estate plan as early as possible using these laws as a guideline. But is writing an estate plan enough? Can you write one and rely on it for the rest of your life?

Unfortunately this is not the case. An estate plan reflects the most current and accurate depiction of your life. As we know, life is subject to changing on a dime. This means you will likely run into plenty of reasons to edit, alter, or redo your estate plan in your lifetime.

Some examples of changes include:

  • Familial changes
  • Financial changes
  • Location changes
  • Legal changes

Familial and financial changes are the most common reasons for estate plan edits. Financial changes can involve you gaining extra assets or losing them. For example, you may come into a large inheritance or you may fall into debt and file for bankruptcy. Both of these things will impact your assets.

Familial changes often relate to marriage, divorce, or adding a new member to your family. Many people will want to add or remove others to their estate plan afterward. As for location, each state handles wills and estate planning differently. You will want to check your local area if you move. Even if you do not, keep an eye on local laws for any changes. Tax law changes can have a particularly big impact on estate plans.

Take a look at our web page on estate planning, linked here, if you would like to continue reading. You can read more about how Florida handles matters of the estate. Brushing up on this information can be beneficial to anyone, even those who do not yet have an estate plan written.