Many Floridians place estate planning on the back burner simply because they do not want to think about topics related to dying. However, estate planning is necessary to protect one’s assets in the event of one’s death. Once an estate plan is in place, it’s also important to keep it updated at reasonable intervals.
Divorce is one of the main reasons to review and update an existing estate plan in Florida. A plan should also be reviewed if a divorced person gets remarried. This is particularly the case if one has children who are minors and who have been named beneficiaries of one’s assets but one does not want an ex-wife or ex-husband to assume control over these assets as the children’s guardian following one’s death.
Another reason to update an estate plan is if a person has given birth to or adopted a child. This is essential to ensure that the child is named an heir of the person’s estate. A couple of other considerations involve the age at which a child will receive his or her inheritance, as well as any concerns related to asset protection — for example, special needs children.
By creating wills and trusts, people in Florida can control what happens to their valuable belongings when they die. They can also use estate planning to dictate how their financial and medical affairs will be handled in the event of incapacitation. Everyone has the right to pursue their best interests and those of their loved ones, which can typically be achieved with the help of an experienced estate planning attorney.
Source: greenbaypressgazette.com, “Top 5 reasons to review your estate plan“, Michael Maas, May 29, 2016