Time flies: Keep your Florida estate plan up to date!

Procrastination is the greatest obstacle most people face when it comes to their Florida estate planning. It is natural to want to avoid dealing with life's uncertainties. Not surprising, then, that once our Florida clients have come to see us and done their estate plan, they want it to be really, really done. But of course, it does not work that way. 

Your trust, will and health care directives are not "set-it-and-forget-it" plans. How could they be? Life is not a set-it-and-forget-it proposition. Time flies - and life is always changing and requiring adjustments. That's why every estate plan should be reviewed from time to time. 

Whether your estate is modest, huge, or like most people's, somewhere in between, you should review your estate plan periodically. (The Karp Law Firm contacts clients every three years to schedule a review meeting, the consultation is free for our clients.) But don't wait for your estate planning lawyer to call you - if there has been a significant change in your circumstances, call your lawyer! 

Here is a just a small sample of situations that should lead you to make that call:

1. Your health has declined.
2. Your spouse's health has declined.
3. Your spouse has passed away.
4. Your or your beneficiaries' marital status has changed, be it through divorce, separation, remarriage.
5. There have been births or adoptions in the family.
6. You moved to or plan to move to a different state.
7. Your personal representative or trustee has passed away or is having significant health issues.
8. Your personal representative or trustee no longer wants the responsibility.
9. You retire or are about to retire.
10. One of your beneficiaries is showing signs that he/she is fiscally irresponsible, has run into financial trouble, or has a drug or alcohol problem.
11. You are expecting an inheritance or have received one.
12. You have purchased or plan to purchase real estate in another state.
13. The value of your assets has increased or decreased significantly. 
14. You have purchased life insurance or are considering doing so.
15. Property you own has greatly appreciated or depreciated in value.
16. You have bought property or are planning to buy property.
17. You have purchased or sold a business.
18. Your parents are aging and have become dependent on you.
19. You want to make changes in your estate plan for any reason.