While you may have already established a comprehensive estate plan for yourself and your family, your obligation to maintain that estate plan continues. Life rarely goes as planned, and unexpected changes often occur when you least expect them. Furthermore, as time passes, you may have different perspectives or feelings about your assets, your family members, and your life. These changes may cause you to reconsider your estate plan. As a result, you should regularly review your estate plan – at least every three to five years or when a major life event occurs – to determine whether any modifications or updates are necessary.
An Aventura estate planning attorney at Kramer Green can help you draft a comprehensive estate plan to protect you and your loved ones. However, we also can ensure that you periodically review your estate plan for any necessary changes and updates. We know that circumstances change over time and how crucial it can be to review your estate plan and ensure it meets your needs and desires. Together, we can work to confirm that your estate plan reflects your final wishes at all stages of your life.
Changes in Your Family Status
Throughout a lifetime, the make-up of your family is likely to change. You may marry, divorce, and even remarry. You may have biological children or adopt children. Your spouse or child may even pass away.
These changes in your family status should prompt you to revisit your estate plan. Otherwise, you may end up excluding a close family member from your estate or leaving assets to a relative to whom you intended to leave nothing.
For instance, suppose that you marry and have no children. Your will states that you leave all your assets to your wife, but she tragically passes away at a relatively young age. You never remarry, although you live with your girlfriend for the next 20 years. However, you never changed your will or owned anything jointly with your girlfriend. What happens to your assets?
Your estate will be treated as if you never had a will, so state law will determine which of your relatives get your assets. Unfortunately, your long-time girlfriend will get nothing, even if that differs from what you intended. This is just one example of what can happen if you never update your estate plan.
Changes in Your Assets
You are likely to experience a change in the assets that you own over time. You may inherit assets when your parents or other relatives pass away. You may buy and sell real estate or other assets if you move from one part of the country to another. You may accrue or dispose of assets as needed or according to your financial situation throughout your lifetime. As a result, you will need to account for those assets in your estate plan in terms of who you want to inherit them when you pass away. Likewise, if you dispose of an asset, you must remove it from your estate plan.
If you have acquired considerable wealth through inheritance, a gift, a divorce settlement, a lottery win, or business earnings, you should consider the overall structure of your estate plan. You also need to consider taxes, so involving your accountant and/or financial advisor is wise. There may be ways to structure your estate plan to minimize future taxes for you and your heirs.
Changes in Your Health
Your estate plan doesn’t just concern your assets. It also encompasses advance directives, such as naming a power of attorney and executing a living will. You should review these documents periodically and ensure that those you have named to handle your affairs are still living and able to do so. You also should consider whether you want to make any changes for those appointments, particularly if you are in poor health or believe those documents may be necessary soon due to a medical diagnosis or condition.
Allow Kramer Green to Assist You with Your Estate Plan
An Aventura estate planning lawyer at Kramer, Green, Zuckerman, Greene & Buchsbaum, P.A. stands ready to assist you with drafting an estate plan for your family. We will also help you update that plan as time goes on and your needs change. We have the experience to guide you through this process to reach your goals and objectives. Contact our office today at (954) 966-2112 or online to schedule a time to discuss your legal questions and concerns with our Aventura estate planning attorney.