As a resident of Florida, it is important that you have an estate plan in place. However, you cannot simply write one plan and expect it to remain valid through the course of your life. There are many different occasions that may require you to make changes to your current estate plan.
The first set of reasons to update an estate plan includes significant life changes. Examples include marrying someone or getting remarried, getting a divorce, adopting or giving birth to a child, or discovering a child has a learning disability. Other significant changes can include moving to another state or country, especially because this might affect how your entire estate plan will need to be handled. In these situations, you want to make sure your estate plan reflects your new life circumstances and the laws of your new location.
Changes to laws in your local area are also a reason to reexamine and potentially modify your plans. For example, if your estate plan relies on a tax law that is now outdated or no longer in use, your family members cannot rely on it.
Financial changes are another reason. This can include gaining a large sum of money or losing a large sum. If you have filed for bankruptcy, are struggling with debt, or recently gained an inheritance, you will want your estate plan to reflect this.
If you are curious to read more about estate planning and anything related to it, take a look at our web page on the same topic, linked here. You can find information and take a deeper dive into related sources.