6 Reasons to Review Your Estate Plan

Creating a solid estate plan is a wonderful idea – but the process shouldn’t end when your plan is in place.

We have a Client Maintenance Program to help our clients with regular updates of their Estate Plan. After all, your life changes and your Estate Plan should keep up with those changes. Following are a couple of common life changes that require an update to your Estate Plan.

  1. Divorce. Once your divorce is finalized, your plan should be revised as quickly as possible to reflect any new goals and desires. In addition, you can take steps to protect your heirs from potential future divorce.

  2. Re-Marriage. If you and your new spouse both have children from a previous marriage or relationship, working with an estate planning attorney is essential to navigate the complexities of providing for the children of blended families. And you can ensure the re-marriage of heirs will not adversely affect your wishes, so make sure your estate plan review includes re-marriage protection. Ideally, your existing Estate Plan will have this contingency built in, but sadly many “estate planning attorneys” are not true professionals and simply fill in a template without understanding how it all works. I usually have a QTIP included in my estate plans.

  3. Birth or Adoption of Children. In addition to providing for your child’s financial future, you may also wish to appoint a legal guardian in the event you and your spouse die or are incapacitate.

  4. Illness or Injury. If you or one of your family members becomes seriously ill, you may want to consider changing your plan to reflect their increased need.

  5. Changes in Tax Laws. Tax laws are constantly changing and can dramatically affect your estate plan. Your estate lawyer can help ensure that your plan takes advantage of new legislation.

  6. Inheritance. The increased value of your estate may cause you to change how your assets are distributed upon your death.

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(786) 463-4463

North Miami Beach, Florida