Last week we looked at how average Florida estate plans change over time. This week we are going to continue our exploration of common changes that you will probably need to make as you and your plan gets older.
However, it’s important to note that even if the issues we talk about in these blogs don’t affect you, you may nevertheless need to update or change your estate plan simply because your wishes and desires can change over time. Also, if you find that you have experienced the kinds of changes we have discussed here but have not made the appropriate changes to your estate plan, you need to contact us as soon as possible so we can tell you what you can do to better protect yourself.
Florida estate plans change over time because people have children.
Whether you are single or married, your estate plan will need to change significantly as soon as you have a child. For instance, do you know who would be responsible for taking care of your child if you and the child’s other parent become incapacitated or die? Have you and the other parent spoken about who you would want to become your child’s guardian under these circumstances? Have you come to an agreement about who your choice is, and made backup choices in case your first choice cannot serve?
As a person with a child, your estate plan will need to answer all of these, and many other, issues.
Florida estate plans change over time because people get divorced.
The often–repeated idea that half of all marriages end in divorce is not exactly true, but it does reflect the very real possibility that your marriage might one day end. Should this happen you will need to be prepared to make significant changes to your estate plan. For example, if you have given your spouse the ability to make medical choices on your behalf if you become incapacitated, you will need to decide if you still want to give your ex-spouse this ability. If not, you’ll need to choose someone else, and will likely need to make additional changes because of your change in marital status.
Florida estate plans change because the law is a wildcard.
The laws that govern estate planning can change at almost any time, and can often do so with out much advance notice. Whether it’s from new laws passed by state or federal legislative body, court decisions, or anything else, significant changes to the law will often require you to speak to your lawyer so you can update your plan to better reflect the new legal landscape.