Creating an estate plan is a landmark accomplishment. But even if you already have an estate plan, you'll want to examine it periodically to make sure it continues to reflect your wishes and your situation.
At the very least, your estate plan should be reviewed and possibly revised any time you experience a major life change. Some key examples of these major life changes are:
- Loss of a spouse
- Remarriage or divorce
- Death of an heir
- Significant change in the health of your proposed executor or alternative executor
- Changing relationships with family members or others you may have included
- Birth of children or grandchildren
- Major shifts in assets, such as the sale of real estate or a business
- Maturation of long-term investments
- Changes in estate tax laws that impact the distribution of your assets.
When needed, revisions can be addressed through an amendment or codicil. Even if there are no noticeable life changes, it is best to speak with an estate planning attorney at minimum every three years to ensure the plan is still in order.
At Grimaldi Law Firm, your future is our present.
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
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.