If you created an estate plan, you are well ahead of many Palm Beach residents. You took the time to plan what you want to happen during trust and probate administration after your death. However, depending on what has happened in your life since you created that plan, it may no longer accomplish your goals and make the process easier for those you will leave behind.
No matter how well-structured your estate plan was when you created it, major events in your life could require some revision to it. For instance, if a child was born, you got divorced or you became estranged from a child, you may need to rethink portions of your plan. The beginning of the year is a good time to review your these documents to make sure they still apply to your current situation and family dynamic.
Perhaps you purchased a new piece of property that needs to go into your trust. Maybe you gave some gifts last year. Any number of situations can give rise to the need to review what you already have in place. Wills, some trusts and powers of attorney are not written in stone. You have the opportunity to make changes you deem necessary.
When reviewing your estate plan, you will want to go through the events of your life since you executed your documents. This could require you to organize your documents. You may even need to review them with a Palm Beach estate-planning attorney to make sure that the changes you want to make do not adversely affect other documents. For instance, if you decide to change a beneficiary designation, you need to make sure that there is no contradictory language in your will or trust that could cause confusion or contention during the trust and probate administration process.