Probate And Estate Attorney In Pensacola
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December 2018 Archives

Keeping an estate plan up to date

When Florida residents think about the future, they may assume that everything will be taken care of if they have a will or estate plan. However, it can be important to regularly review estate documents in order to ensure that they reflect legal and personal developments that could affect distribution. In general, estate plans that are three or more years old should be reviewed to determine if changes are necessary. However, personal events like marriage, divorce or the birth of a child can also spark a review.

Creating or terminating a power of attorney

People in Florida thinking about the future may want to create powers of attorney. A power of attorney is a document that gives another person the right to act on behalf of the creator or principal on certain matters. In some cases, powers of attorney are effective immediately, and in other cases, they become effective when the principal is incapacitated. For example, healthcare powers of attorney assign another person the right to make medical decisions for the principal in case he or she is incapacitated or unable to make decisions. Financial powers of attorney could transfer the right to manage investments, bank accounts and other financial matters.

What happens when a will is contested

A person in Florida who is not included in the will of a close relative might decide to contest the will. Being cut out of a will is not unusual; it may happen because a new spouse inherits all the assets or for some other reason, but the first step is often to discuss the situation with an attorney.

Life events can call for estate plan updates

Generally speaking, there are two major errors that Florida residents make with regard to their estate plans. The first is not to have a will or another planning instrument that is key to the settling of the estate. The second is to fail to update a plan once it's been developed. There is no set timeline upon which a person should update his or her plan, but there are certain life events that call for updates, and if it's been a while, it might be worth revisiting.

Kramer A. Litvak, P.A.
226 East Government Street
Pensacola, FL 32502

Toll Free: 866-717-9528
Phone: 850-308-1677
Phone: 850-432-0485
Fax: 850-432-9830
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