Planning for the future is a process that involves deciding what should happen to Florida property and assets after one passes, as well as health care preferences in case of mental or physical incapacitation. The decisions one makes during the planning stage are often based on current circumstances, as well as one’s future goals. However, certain types of life changes could necessitate an update in current plans or adjustments to certain documents.
Important updates are critical
It is impossible to predict what will happen in the future, but certain changes in an existing estate plan may be necessary after major life events. Adjustments to current plans are critical after changes in circumstances that include the following:
- Divorce or legal separation
- New health care needs or a medical diagnosis
- Birth or adoption of a child
- Substantial changes in financial circumstances
- Death in the family
Failure to update an estate plan as necessary could lead to complications for Florida heirs and beneficiaries in the future. It could lead to assets ending up in the wrong place or a costly and complex legal battle.
An important protection for everyone
Estate planning is important for everyone, regardless of income level and the size of the individual estate. It is critical to have plans in place, as well as to make the effort to carefully review and update these plans as needed. By doing these things, one can have control over matters pertaining to medical treatment, financial preservation and the distribution of personal assets after his or her passing.