How Often Should I Review My Estate Plan?
You should review your estate plan every three to five years. There can be changes in the law and your personal circumstances that may necessitate a change. Individuals and married couples with greater assets should consider reviewing it annually.
Personal Circumstances Can Change
You will want to review your will, trust, power of attorney, healthcare surrogate, and other documents to ensure that all appointed individuals are still able to serve in their chosen roles. You will also want to make sure that your will and your trust (if applicable) still reflect your wishes with respect to the distribution of your assets.
If you recently divorced, you will likely want to take a look at all documents to ensure your ex-spouse is no longer listed as an Agent, Trustee, or executor. If you recently married, on the other hand, you may want to put your spouse as your Agent under your power of attorney or executor of your will.
Similarly, if you have a new child, you may want to revise your documents to ensure the new child gets treated the same as your other children. If it’s your firstborn, you will likely want to make sure everything is set up for him or her in the event of your death.
If you have changes in your health, the concept of who will care for you becomes more important. You will want to make sure your power of attorney, health care surrogate, and potential pre-need guardian documents are up to date. You will also want to talk with the individuals you have appointed to act in those roles to ensure they are able to act as you would like.
Finally, if you have gotten a new life insurance policy, you may want to revise your will or trust to match. While beneficiaries designated in life insurance policies generally take precedence over beneficiaries listed in wills or trusts, it is always a good idea to have all documents match and agree.
The Law Can Change
In addition to changing personal circumstances, the law can also change and necessitate updates in your plan. For example, the Florida Power of Attorney statute was given a significant overhaul in 2011. Congress also makes changes to things like the Federal estate tax exemption from time to time.
By reviewing your documents with a local attorney, they will be able to identify what changes would be prudent in your situation.
Florida Estate Planning Attorney
If you are in Florida and are interested in reviewing your estate plan, contact us today. If you are ready to get started on your Florida estate plan, you can do so here.