Is It Time to Review Your Estate Plan?
Fri Apr 30, 2021 | Estate Planning | Share
It is quite common for people to create a will while making other estate plans and then think their estate planning is finished. Unfortunately, this is not the case. Estate planning should be an active, ongoing process rather than something you do once and then forget about. If you haven’t reviewed your estate plan in a few years, it’s time to contact a Boca Raton probate attorney to discuss your estate plan and whether it provides the protection you need.
Your Life Changes and So Should Your Estate Plan
As we grow older, change is inevitable. We buy and sell property, change jobs, grow our wealth, and our children grow up and start families of their own. Each of these changes can have profound effects on your estate plan. A Boca Raton probate attorney can help you update your estate plan to ensure that your loved ones are taken care of when you die.
Changes in the Law
In addition to changes in our lives, the law is constantly evolving in ways that can also affect your estate plan. Changes in the tax laws, for example, could offer greater protection or could cause unanticipated tax consequences upon your death. Reviewing your estate plan with a Boca Raton probate attorney can help preserve the value of your most valuable assets and guard against other unintended consequences.
Have You Moved?
Many of our clients have relocated to Florida to spend their retirement years. Florida law offers many valuable protections for retirees, but you may not be able to take full advantage of those laws if your estate plan was drafted in another state. Furthermore, if you still own property in another state as well as a home in Florida, you may want to consider updating your will to reflect that.
Have You Divorced and Remarried?
One of the biggest changes that should be reflected in your estate plan is divorce and remarriage, particularly when it comes to your children. Proactive estate planning after your divorce and remarriage ensures that your children, and perhaps your stepchildren, will be cared for as you intend. In addition, you may also want to consider the needs of your current spouse and maybe your prior spouse. A Boca Raton probate attorney can explain your options and update your will to protect those you care about.
Children and Grandchildren
Many people get their wills drafted when their children are young to ensure that they are taken care of in the event of an accident. However, your children may now be grown and have families of their own. Your children may not have the needs they once did, or perhaps you want to set something aside for your grandchildren. Reviewing your will or other estate plans with a Boca Raton probate attorney will ensure that your estate plan meets their needs in the way that you want.
Contact a Boca Raton Probate Attorney at Ellis Law Group
Whether it has been years or decades, it’s never too late to review and update your estate plan. To schedule a consultation with an attorney at our office, contact us today at 561-910-7500.