If you are concerned about the distribution of your assets in the future, you may have already directed some of your attention to developing an estate plan. Perhaps you have written a will to direct how your property should be distributed after you pass away. However, a will may not be all that you need to stay on top of your estate plan in Florida. While a will may be the first, simple step toward a comprehensive plan, there are other things that you may want to keep in mind in order to ensure that your plan helps you to achieve all of your goals.
Updating your existing plan
There are a number of reasons to regularly review and update your existing estate documents. A will is typically made at a particular point in time, but life changes and legal changes may prompt you to alter the plan. For example, you may have written your first will as an adult, leaving all of your possessions to your parents. After marriage or childbirth, you may want to change your will to reflect your current life choices, and the same is true after a divorce or death of a significant person. Reviewing your will regularly can help to avoid costly and painful disputes among your relatives in the future.
Considering new estate planning options
In other cases, you may have grown beyond your initial estate planning options. You may have made a simple will, but as your assets have grown, you may want the additional flexibility, control and privacy provided by a trust, especially if you have minor children. In addition, you may want to ensure that you have key documents to protect your financial and health care decision-making in case of incapacity. Health care and financial powers of attorney can help you designate a trusted person to make those decisions.
A will is just one part of a complete plan that may address all of your concerns for the future. An estate planning attorney may help you to draft key documents and review them regularly to ensure they are correct and current.
