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The importance of keeping your estate plan up to date

It’s truly never too early to start planning for the future. Many people in Florida hold the misconception that estate planning is only for married people in their 40s or 50s with children and a house. On the contrary, even young, single people with no dependents should start considering their long-term goals and implement those into a comprehensive estate plan.

Once you’ve taken the step of creating an estate plan, the work does not stop there. It’s important to keep estate planning documents relevant to a person’s changing lifestyle and circumstances.

Far too often out of date wills hold up the probate process and make the execution of a person’s final wishes difficult or even impossible to carry out. Take the time to revisit your estate planning documents throughout your life to ensure they remain relevant to your changing lifestyle.

When should you update an estate plan?

No two people are the same which means no two estate plans will require the same treatment and updates. That said, anyone with a will, trust, living will or other estate planning documents should revisit these plans every one or two years at the most to ensure they still reflect the person’s wishes.

In addition to regular check-ups, you should also reconsider your estate plans when major milestones occur, including:

  • Getting married, divorced or remarried
  • Having children or grandchildren
  • Purchasing a home or other property
  • Moving to a new state
  • Substantial change in personal wealth
  • Starting or leaving a business
  • Losing a loved one
  • Changes in your health

These big changes should prompt an update to a person’s existing will and other estate plans. It’s important to keep an updated list of beneficiaries as well as designate a suitable executor or trustee. Changes in your personal and professional life can impact future plans and should prompt a revisit to these plans.

Benefits of an updated estate plan

It’s difficult to overstate the importance of an up to date estate plan. For those who have already taken the important step of creating an initial plan, don’t let that effort go to waste by disregarding those plans down the line. Estate planning does not have to be an intimidating process.

Work with experts in Florida estate planning to prepare for proper execution of your final wishes. Estate planning is an important element of planning for the future, and there’s no better time to start than now. Once you’ve taken that first step, continue to monitor and maintain an estate plan throughout your life.

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