In the ever-evolving journey of life, change is the only constant. Like the changing seasons, your personal and financial circumstances shift significantly over time. Consequently, estate planning is more than just a one-and-done affair. It must keep pace with your life through reviews and revisions that reflect your current situation and goals.
At Legacy Law Associates, we are committed to helping you stay in sync with life’s changes through regular updates to your estate plans. Estate planning is about more than just drafting documents. It is about staying connected with you to ensure your evolving life’s circumstances are reflected in your estate plans. We want to bring you peace of mind, knowing that your legacy is protected, regardless of life’s twists and turns.
The best-case scenario is to review and update your estate plan annually or if you have experienced any of the following:
- A new marriage: The primary reason to revise your estate plan when you are newly married is to ensure your estate will provide for your new spouse in the event of your passing. You may need to change beneficiary designations on accounts, revise your healthcare advanced directives, and your will or trusts.
- A divorce: Failing to revise your estate plan at the end of a marriage can have serious consequences. Your assets may unintentionally be distributed to your ex-spouse or someone in their family upon your death. Concerning healthcare advanced directives, do you really want your ex-spouse to make end-of-life decisions for you?
- The birth or adoption of children or grandchildren: This is a joyous occasion and a time to expand your estate plan to accommodate new family members. It is the time to ensure your legacy will be passed on to the new generation.
- The loss of a loved one: After having had time to grieve over what has happened, it is important to make changes to your estate plan if they were listed as an heir to your property or other assets. If the deceased was the designated agent on your healthcare advanced directives, you must amend your advance directives right away.
- A change in your financial status: Circumstances such as an inheritance, starting a successful business, or experiencing financial hardships should trigger a review and revision of your estate plan. You may want to include new assets, or you may need to remove assets from your plan that you no longer own.
- Relocation: Estate laws can differ when you move to a new state. Ensure your last will, living trust, living will, advanced directives, power of attorney, and other estate planning documents fully comply with your new state’s laws. Each state has its legal forms and language. You want to be certain that your documents are valid.
- Changes in laws: New Federal and state laws may be cause to review your estate plan. Being proactive and exploring your options is important before new laws are enacted. Reduced exemptions and changes in Medicaid planning are examples of how your legacy may be affected.
Legacy Law Associates: Building Relationships, One Client at a Time
Estate planning is a proactive and thoughtful approach to managing your assets and affairs during your lifetime and after your passing. Keeping your estate plan updated minimizes family disputes and confusion while they deal with the heightened emotions of grieving.
At Legacy Law Associates, we can help you create a plan that best serves your goals and family dynamics. We believe in the power of personal connections beyond completing paperwork and courtroom appearances. Our attorneys want to know your goals, concerns, and aspirations so we can tailor your estate plan to your needs.
Contact Legacy Law Associates at (386) 252-2531 to schedule a confidential appointment at our Daytona Beach, Florida office.
