An effective estate plan protects your loved ones and prepares you for the inevitability of death and the tragedy of mental incapacity. It should thoroughly outline how you want your assets managed when you can no longer manage them yourself. It also dictates the distribution of your entire estate upon death. For these reasons, you should regularly review and update your estate plan to see if it encompasses your entire current estate and if conditions have changed. Certain life events can have a significant impact on your estate and beneficiaries.
What life events can affect your estate plan?
Your needs, family members, loved ones and assets can change considerably through the years. In Florida, you can use an estate plan to protect those you love and your business from falling into the wrong hands. However, the protection will only continue if you continuously update it when significant life events happen, such as the following:
- Health issues or changes
- Birth or adoption
- Property or real estate acquisition
- Major business decisions and changes
- Career changes
- Material changes in your finances
- Florida estate planning law revisions
- Federal law tax updates
These major life events may happen to you or someone in the family. When changes are life-altering, they are also afterlife-altering. You should update your estate plan when the changes directly affect you and someone or something important to you.
Your estate plan will protect your legacy
Your family is your legacy. The business you have built is your legacy. The assets and real property you have acquired are your legacy. Reviewing and updating your estate plan regularly and when significant life events occur will ensure that your legacy lives on the way you want it to.