Your Estate Plan reflects your life, so there is no surprise that it may change often. Estate Planning is the process of working with a lawyer to create a legally-binding plan for what will happen to your estate (your property and belongings) and your assets (your remaining money and funds) after you pass away. Since your Estate Plan is personalized to all of your own situations, it will change right alongside those situations.
Here are 5 times when you will need to update your previously created Estate Plan:
After Getting Divorced
It may seem obvious that after a divorce you would no longer want all of your belongings to be passed along to your ex-spouse, but it is not legal common sense. If you want your ex removed from your Estate Plan, you have to do it manually. We have seen plenty of couples get divorced, never change their Estate Plans, and then have to deal with uncomfortable consequences later.
After Getting Remarried
On the flip side, when you have someone new in your life, you will want to include them in your Estate Plan. If you have a new spouse or a long-term partner who you want to be included in your Estate Plan, you’ll need to add them yourself. Make sure to do this one sooner rather than later.
After Having a Child
Whether through birth, adoption, or marriage, adding a new child to your family is always a powerful time. After you have added a new child, make sure to add them to your Estate Plan as well. This is especially important for blended families and adding step-children.
After Moving
Estate Planning rules actually vary from state to state. If you have recently moved to Florida, you want to work with an experienced Florida Estate Planning attorney to update your previous Estate Planning to be valid in your new state.
After Significant Financial Changes
Whether positive or negative, it is important to change your Estate Plan after the size of your estate has been significantly altered. If you have recently had a positive financial change, more Estate Planning opportunities may be available to you. If your finances have taken a hit, make sure to change your Estate Plan procedures to protect your future.
Ask For Help!
If you need to update your Estate Plan, contact Zamora, Hillman & Villavicencio today! We have years of experience with Florida Estate Planning and can help you make the changes that are best for you. We believe in helping you navigate uncharted waters, and that all starts with a call.
Zamora, Hillman & Villavicencio
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