When And Why To Update Your Estate Plan

Having an estate plan in place and consistently updating it can give you and your family a sense of security and peace of mind. Taking the time to update your will, trusts, power of attorneys or health care directive ensures that your loved ones aren't left with unexpected complex legal and financial issues if something happens to you.

A Major Life Change Has Occurred

Clients often ask me when and why should they update their estate plans and the simplest answer is this, life happens. While there are many other reasons to factor into the decision-making process, if you are unsure of whether you need to update your estate plan, then consider the following situations:

  • Have you just gotten married or are finalizing a tough divorce?
  • Are you having a child or your children are now of age?
  • Have you just experienced an unforeseen loss and need to change your beneficiary?
  • Have you recently acquired or gotten rid of valuable assets?

Whatever the circumstances may be, it's important to promptly make the necessary adjustments to ensure that your estate plan reflects these developments.

Why Involve An Attorney

Having a lawyer with an established reputation and decades of legal knowledge can help you better understand Florida's estate planning laws and regulations. Aside from the major life changes mentioned above, it's always best to review your estate planning documents at least once every three to five years. This will allow you to account for any new state laws that might affect your current will or trust funds.

For more information on estate planning and reliable legal advice, reach out to me, H. Frank Winn Jr., at 850-462-3189 or fill out this online form to schedule a free consultation at my Pensacola office today.