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4 Events that Should Trigger a Review of Your Estate Plan

Nov. 29, 2017

Creating an estate plan is a wise decision and critical step in protecting your wishes, your family and your property. However, it is only one part of the process; you must also review these documents regularly to ensure they remain accurate and valid.

Certain events or circumstances should trigger a review of your estate plan. Below, we examine some of the most common scenarios that can affect your plans unless you review them and make necessary adjustments.

  1. You move to or out of Florida. The laws that govern elements of estate planning like taxes, property transfers and will requirements vary between states. If you have recently moved to florida, you should review your estate planning documents with an experienced Florida attorney. You should also review Florida-specific solutions that remove logistical and legal hurdles for your loved ones from the state where you resided previously.

  2. There is a birth, death, remarriage or divorce. Parties could contest your will if there is someone left out of it or if a party appointed to certain roles or receiving property is estranged or deceased.

  3. It has been several years since you last reviewed your will or other documents. People, wishes and circumstances change, so it is important to regularly review your estate plan to ensure it still accurately reflects your personal, financial and spiritual goals.

  4. Your estate is not worth the same as it was when you created your plan. Perhaps you lost property in a divorce, won the lottery or made a substantial profit as a result of selling a piece of art. In these situations, you would likely need to make changes to your estate plan to reflect the changes in your assets.

If you experience these or other events that can affect estate plans, it can be vital that you go through your existing documents with an attorney. Doing so can make certain that your estate plans continue to protect that which you value mos