Adult children in Florida will be left with the immense responsibility of settling their parents’ estate at some point in the future. After the parents pass away, loved ones will have to pay remaining debts, locate assets and distribute wealth as outlined in the estate plan. If one or both parties have long-term health care needs, they may also be left with the responsibility of finding and funding appropriate care. For these reasons and many more, it is important to review an existing plan in advance.
A careful review
Many people create estate plans and then never look at them again. Old plans may not be applicable or valid, and this can lead to complications. Additionally, it may be harder to liquidate assets if the original documents are decades old. State and federal laws change, and it may be necessary to adjust plans accordingly.
Reviewing an existing plan can be helpful because it may help adult children understand the legalese that can be confusing and complicated. It is also prudent to discuss plans with parents in order to understand their wishes and objectives more clearly. This can make it easier to navigate estate matters in the future.
A strong plan
A careful review of an estate plan may reveal that changes are necessary. Florida adult children may need to help parents update plans and make adjustments that make the most sense for the current situation. This is why it is helpful to work with an experienced estate law attorney when creating, reviewing and updating plans.