Some people think that after they have completed their estate plan, they do not need to take any further action to ensure that it is in good shape when they pass away. It is not uncommon for people to let 10, 20, or even 30 years go by without having their estate plan reviewed for necessary updates. Over this span of time, life changes. Individuals designated as personal representatives may pass away or even move away, making acting in this role no longer practical. Sometimes heirs go down a life path where the testator may no longer want to bequeath assets to a particular heir. Accordingly, as life circumstances change, it often becomes necessary to make changes to your estate plan to ensure it is current and updated to meet your present needs and wishes.
If you are due for a review of your estate plan, contact a Melbourne estate planning attorney at Lacey Lyons Rezanka today. Our attorneys can help make sure your estate plan meets your current goals. We can make any necessary updates to your estate plan so it is current and in line with your present wishes. Below are five common reasons to update your estate plan.
Reason #1: Life and Family Changes Sometimes Require Necessary Updates to Your Estate Plan
A fact of life is that it changes. A new family with young children has different needs and goals than a couple who become empty nesters. Furthermore, as your family changes, such as the addition of grandchildren, new marriages that happen in the family, or even divorces, your wishes as to how you want your assets to be distributed at your death, or who you may want to administer your estate may change. As your life and family change, you will want to speak with your estate planning attorney to determine whether your estate plan needs to be updated to reflect your current wishes.
Reason #2: Law Changes May Impact Your Estate Plan. Speak to a Melbourne Estate Planning Attorney to Find Out.
Every year our state and federal legislators meet to review, update, and pass new laws. When laws are passed that affect your estate plan, such as updates to estate tax law or legal requirements for certain estate documents, it is important that you have your documents updated accordingly. When changes in the law occur, it is uncertain how they will impact your estate plan. Having periodic estate plan reviews with your attorney can help you stay on top of the law changes and keep your estate plan up-to-date with the law.
Reason #3: Your Healthcare Needs May Impact Your Estate Plan
An elderly couple who seeks to plan for future long-term care needs will have different goals and needs than a couple in their 30’s who was recently married and have young children. As you age, your needs change and you may be thinking about pre-Medicaid planning to prepare for your future long-term care needs. A Melbourne estate planning attorney can review your estate plan and make recommendations as to steps that you can take to prepare for your future long term care needs, including, for example, how to help you qualify for Medicaid to pay for your long term care if that is coverage you may need in the future.
Reason #4: Gifting and Charitable Contributions May Become Important to You
Another reason to periodically review your estate plan is that some individuals later in life choose to give away some of their estate over time or at death to charities and other important causes. A Melbourne estate planning attorney can help you come up with a gifting strategy that fulfills your wishes to make a difference.
Reason #5: Estate Planning Check-Ups Give You Peace of Mind
Another reason for a period estate plan check-up is that knowing you have an updated estate plan that meets your current needs and wishes gives you peace of mind knowing that your loved ones are taken care of according to your wishes.
Do You Need an Estate Plan Review? If So, Contact a Melbourne Estate Planning Attorney at Lacey Lyons Rezanka Today
If it has been a while since you have had your estate plan put together, you may be due for a review of your estate plan. A Melbourne estate planning attorney at Lacey Lyons Rezanka can help review your estate plan and advise on any necessary updates that need to be made. Contact us online or give us a call at 321-608-0890 for assistance.