IS IT TIME TO REVIEW AND UPDATE ESTATE PLANNING DOCUMENTS?
Dec. 31, 2019
The beginning of the year is a time when many people in Florida and across the country begin thinking about how they can make improvements in their lives. For some, the start of a new year may be a catalyst for reviewing certain important matters, like their estate plans. Reviewing and updating estate planning documents is a wise step, and it can help avoid some of these common mistakes.
Too often, individuals create what they think is a useful estate plan only to be missing vital documents. For instance, many people overlook creating power of attorney and advance health directives. These documents can better ensure that a person has a trustworthy individual in charge of making decisions for him or her if necessary and allow the person to express important care wishes before the time comes to implement them.
Additionally, too many people forget to update already existing documents. In many instances, a person who has already passed or who is otherwise no longer fit or wanted to act as a beneficiary could still be named as a beneficiary. As a result, family members may have to face complicated probate proceedings to determine who should receive a particular asset.
Reviewing an estate plan does not mean that Florida residents have to create an entirely new plan. They can update specific information or add new documents in an effort to make their estate planning journey more comprehensive. Fortunately, experienced attorneys can help interested parties go over their existing plans and work to determine what updates may be useful.