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Financial Legacy Review

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When should I update my estate plan?

Mar 20, 2020

Paul S. Labiner

Paul Labiner

Managing
Partner

Estate plans are not one-and-done matter. Rather, they are iterative and must be reviewed periodically to ensure that your estate plan continues to match your financial goals and life circumstances.

Important personal milestones or major family events should both be an occasion to review and revise your estate plan. For instance, marriages and divorces, the birth of a new child or grandchild, or changes to intra-family dynamics must all be accounted for by formal modifications to your estate plan. The subsequent marriage of a single testator will not cancel his or her will. If a person who signs a will before marriage wishes to give all or any portion of his or her property to the new spouse, he or she should sign a new will.

Any considerable reorganization or additions to your asset portfolio also must be considered, and these new assets must be worked into your estate plan so that they are protected from creditors and predators.

At the same time, external economic, political, global, environmental, or legal shifts can also be taken into account to ensure your estate plan remains the best possible fit for your and your goals.

It is always advisable to make any and all changes to your estate plan in consultation with a Florida estate planning attorney. Often such documents are required to be notarized to be enforceable, and any tampering without following the proper procedures may result in the documents losing efficacy.

Get Help Today

If you have recently passed a big life milestone, a change has occured within your family, or you just want to revisit the structure of your estate plan to make sure it still provides the most effective tax strategies and asset protections, we can help. Call (561)998-2362 or click the button to schedule a free Financial Legacy Review online now.

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