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.
If the estate plan has not been examined in three years or longer, for example, it's a good idea to look at it to make sure it still reflects the needs and goals of the maker as well as the requirements of the law. Among the events that might necessitate an estate plan review are changes in assets and liabilities, a move to a new state and relationship changes.
A major change in the value of a person's estate might call for an update of estate plans. If a person buys property, for example, he or she should make sure that the ownership and distribution of the property is accounted for in the estate plan. When a person moves to a different state, his or her estate might be subject to different laws, requiring estate planning updates.
In a case where a person gets married, gets divorced or has a child, the listed heirs and beneficiaries should be updated. An attorney with experience in estate planning law might be able to help people in Florida when it comes to creating or maintaining their estate plans. An attorney might analyze the client's familial and financial situation and suggest wills, trusts or other planning instruments to ensure the efficient disposition of the estate on the client's death.Source: Forbes, "7 Reasons It's Time To Update Your Estate Plan," Bob Carlson, 12/02/2018