Forgetfulness can derail estate planning efforts

Dec 12, 2021

Planning for the future is an essential step for every Florida adult, but it is not a one-time task. In many situations, estate plans are fluid, requiring change and adjustment after every few years or after significant life changes.

Forgetting to carefully review and update as necessary

can derail even the most careful estate planning efforts, leaving heirs and beneficiaries with complicated issues to resolve.

When are updates necessary?

Estate plans are often created with current circumstances in mind. Major events, such as a marriage, divorce or the birth of a child could necessitate updates in existing documents. It could be necessary to change the beneficiary designation on certain accounts, or it may be best to simply add certain types of documents to ensure one has the full amount of protection necessary.

It is also prudent to carefully consider the individual named as the executor of the estate. Is this person still a trusted individual, and is he or she capable of meeting the requirements that come with the probate process and settlement of the estate? The executor should be responsible and willing to have this role.

Don’t create it and forget it

It is not always immediately apparent what changes are necessary for existing plans . It may be helpful to work with a Florida estate planning attorney to learn what updates and adjustment will be best. This process will likely start with a careful assessment of current documents, recent life changes and future objectives.

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