While most people understand that an estate plan is a necessary tool to plan for their future, many do not know that they must also update this plan in order to accommodate for various life changes. If a substantial, life-altering change has occurred since you first made your estate plan, it may be wise to contact a legal professional and update its terms accordingly.
Any of the following events can require you to update your plan:
- The birth of a child
- Starting a business
- Acquiring property
- The death of a spouse or child
- Major changes in wealth
Laws can also change, potentially nullifying previously valid aspects of your estate plan. Additionally, moving to a different state can have a similar impact, since each state has different requirements for estate plan creation and execution.
Why is Updating an Estate Plan Important?
Legally speaking, anything that is not contained within the terms of your estate plan will be decided by state courts at the time of your passing. Without proper instructions established in a person's will, he court's decision may not align with what you would have wanted. It is crucial that you make these decisions ahead of time in a legally sound estate plan in order to avoid a potentially unsatisfactory outcome. By updating your estate plan, you can ensure that the appropriate parties receive their deserved benefits of your estate and eliminate the possibility of the courts meddling in your affairs.
At the Law Office of Conrad Willkomm, P.A., our firm's Naples, Florida estate planning lawyers can make this process easy and help you bring your estate plan up to date. Having served thousands of clients in Southwest Florida, our firm has earned a Superb Avvo Rating and an A+ accreditation from the Better Business Bureau for our unmatched legal knowledge and client-focused advocacy. If you are in need of an update to your estate plan, contact our firm online or call our office today at (239) 262-5303.