Creating an estate plan is an important step you can take to protect your family and your ensure your wishes are followed. A will drafted years ago is not a “set it and forget it” document.

An estate plan should evolve as your life changes.  Documents that were perfectly appropriate five or ten years ago may no longer reflect your current family, finances, or goals. Reviewing your plan periodically helps ensure that it will still accomplish what you intended when your loved ones need it most.

Major Life Events That Should Trigger an Estate Plan Review

Marriage or Divorce

Marriage and divorce will change who you want making financial and medical decisions on your behalf, as well as who should inherit your assets. Beneficiary designations, powers of attorney, trusts, and wills should all be reviewed after these events.

Birth of a Child or Grandchild

Welcoming a new baby is an exciting and a busy time for most families but it is also and an important reason to revisit your estate plan. Parents should make sure they have nominated guardians for minor children, and grandparents often wish to include new grandchildren in their estate planning. It is also a good opportunity to consider creating or updating trusts for younger beneficiaries.

Children Reaching Adulthood

An estate plan that was created when your children were minors and before their life and career paths were established, needs to be revisited now. When children reach adulthood they no longer need guardians but new issues may have arisen. This is the time to create or update a trust for your now adult children to protect their inheritance.

Death of  a Family Member

The loss of a loved one may affect your estate plan in ways you had not anticipated. If someone named as a personal representative, trustee, guardian, or beneficiary has passed away, your documents should be updated to reflect your current wishes. Often title to assets changes after a death and tax strategies need to be re-evaluated.

Moving to a New State

Estate planning laws vary from state to state. While many documents remain legally valid after a move, certain provisions may need to be updated to comply with your new state’s laws. If you have recently relocated to Florida—or are moving away from Florida—having your estate plan reviewed by an attorney licensed in your new state is a wise investment.

Other Reasons to Review Your Estate Plan

Even if no major life event has occurred, consider reviewing your estate plan if:

  • You have purchased or sold a home

  • Your family relationships have changed

  • Tax laws have changed

  • It has been more than 5 years since your last review