Estate Planning in Florida, in the larger sense, can really be looked at like exercise. You know you’d be better off doing it, and even though you have to convince yourself to make the first move – you know you’ll feel great once you get the job done.
But just like exercise, you can’t just do it once, and then expect the effects to have you covered for life.
In fact, it’s not this way at all.
At Grimaldi Law Firm a Hollywood estate planning, real estate and probate law firm, we preach consistency when it comes to our first practice area. Time and time again, I remind my clients of the following fact: “Estate planning is not a one-time, set it and forget it task. If this is your approach, it will give you a false sense of security. Your estate plan should be revisited every 2-3 years, on top of any life event that may occur in between.”
In short? This is not an area of your life you should procrastinate on or sweep under the rug for a later time. There is no better time to create your estate plan, set specific times to revisit your plan, update accordingly as per the changes in your life – and be an advocate for your family’s financial and emotional future.
Estate planning serves to meet a few critical goals:
1. To ensure that children will be cared for by the people you want, in the way that you want
2. To protect against unwanted guardians in the event of an untimely death
3. To prevent foster care and state involved protective custody
4. To provide a financial plan that will ensure your children are taken care of
5. To make sure your family can receive the benefit of your life’s work and continue your business.
6. to Ensure your assets transfer smoothly to the next generation and, if possible, avoid probate.
7. In the event of incapacity, ensure your financial matters are taken care of and that your health care wishes are respected.
Once you have a plan, here are the crucial times to make sure you revisit your plan to keep things up to date and timely:
1. When a child is born
2. When your children reach school-age, revisit in case your original listed guardians are no longer alive or able to care for your child
3. If your child is diagnosed with a disability or has special needs that may impact how they need to be cared for
4. If you’ve started a business or made changes to an entrepreneurial venture that would require new information for your family to take into account once inheriting the business
5. When you’ve entered retirement and have different expectations for your surviving family
6. If you’ve experienced a crisis
7. If a child has become ill or passed away
8. If you’ve experienced an accident that requires long-term care
9. If you divorce and need to make changes to who acts on your behalf should you become incapacitated
10. If you are single and don’t know who would receive your assets or make healthcare decisions on your behalf
11. If you become a blended family
12. If you are a same sex couple or enter into a domestic partnership.
13. If you relocate to another state of country.
As evidence by this long list, change is constant. One thing that should also be constant? How often you look into updating your estate plan. Make sure you’re covered and protected with Grimaldi Law Firm, located just minutes southwest of Fort Lauderdale. At Grimaldi Law Firm, we provide our clients a free review of their estate plan every 3 years.
At Grimaldi Law Firm, your future is our present.
About the Author: Melinda Grimaldi is an attorney in Hollywood, Florida, whose practice is concentrated in the areas of commercial and residential real estate and estate planning law.
She can be reached at (954) 491-8707
Special Note: The information on this blog is of a general nature and is not intended to answer any individual’s legal questions. Do not rely on information presented herein to address your individual legal concerns. If you have a legal question about your individual facts and circumstances, you should consult an experienced real estate attorney. Your receipt of information from this website or blog does not create an attorney-client relationship and the legal privileges inherent therein.