Keep Your Family’s Future Secure

Should you modify your estate plan?

On Behalf of | May 22, 2020 | Estate Planning

When you create an estate plan in Florida, that is not the end of your work. Maintaining an estate plan is more complex than that. You cannot let your estate plan sit unedited for years and years.

But when should you look at it? How do you decide if you need to change it? Today we will look at the answers to these questions.

Making estate plan edits

Forbes lists out some common reasons people have for revisiting estate plans. Speaking in general terms, a person will make edits to an estate plan after big life changes. Why? Because an estate plan should always reflect your most recent life circumstances. The estate plan determines how to hand out your assets. It tells your executor who you want getting these assets, too. Your assets and even the people you want to pass them on to may change over time.

The fluctuation of finances and family

For example, finances are in constant fluctuation. For small changes, there is often no need to edit an estate plan. But what about larger ones? What if you win the lottery or come into an inheritance? Now, what if you fall into debt? What if you have to file for bankruptcy? In either case, your assets change a great amount. Then, you will want to edit your estate plan to accurately reflect the new amount.

What about family, then? A family does not stay the same over years. You may lose family members through divorce. Sometimes, a loved one may die before you. Family members may also end up joining through marriage, adoption or birth.

Keep an eye on the changes in your life. Watch for anything that may affect your estate plan. Then, if you see a need for it, make necessary changes.