Now that 2015 has arrived, we thought we would take a little time to review some estate planning tips to start the new year on the right foot. Everyone who has created an estate plan in Florida should understand that the process of simply creating the plan is not the only thing you need to do. A comprehensive estate plan is one that changes and grows with you as necessary. To make sure that your plan is as complete as it can be, and that it affords you all the protections possible, it’s always a good idea to go over your plan at the beginning of each new year. We’ve come up with this list of tips to help you ensure that your plan will be as good as it can be in 2015.
Estate Planning Tip 1. Go over what happened in 2014.
Estate plans have to match your circumstances, needs, and desires. As time passes, all of those things can change. So, now that the new year has arrived, it’s a good idea to go over your personal circumstances and review what happened to you in the previous year. Did your financial circumstances change? What about your family situation, or your personal estate planning desires?
For example, if you entered into a new relationship in 2015, you might want to speak to your estate planning lawyer about what options you have in including your new romantic interest in your estate planning tools. If it’s a serious relationship, you might want to ask about what affect getting married might have on your estate plan, and what you can do to protect yourself and your new partner.
On the other hand, if your financial situation has changed significantly in 2014, you’ll definitely want to speak to your estate planning attorney about what changes you might need to protect yourself.
Estate Planning Tip 2. Review each of your estate planning tools.
Taking a little time to review your estate plan every year is always a good idea. Even if nothing in your life has changed, and you haven’t changed your mind about the choices you made in your plan, it’s a good idea to go over each of your tools to remind yourself what you have in place. Make sure you understand what each of your devices do, and if you spot anything you think you might need to change, contact your lawyer.
Estate Planning Tip 3. Begin estate planning as soon as possible.
If you don’t have an estate plan in place, you should make it a point to make 2015 the year you begin crafting a plan of your own. No matter your age or circumstances, having a comprehensive estate plan in place will always be in your best interests. If you decide that you want to get started with the estate planning process, contact our office so we can help you begin.