Estate Planning is an Ongoing Process
Estate plans are just like any other plans we make in business or in life: they change. Here are some things to remember to ensure your estate plan is always relevant:
• Update your estate plan with each life-changing event – divorce, birth, death, remarriage, change in economic condition, etc.
• Make sure your trustees and/or executors know where all your documents are, or all that work – and your wishes – can be ignored.
• Don’t do it yourself. Adding a “wish list” or other new provisos only leaves the door open for interpretation after you’re gone – and it could be the exact opposite of what you intended. If you have something to add, speak with your estate planning attorney and make it official.
• If you have a trust, you need to be sure that all new assets you acquire after the formation of that trust are owned in the name of the trust.
• Don’t assume that because members of your family “get along great” right now that this will always be the case. The only sure way to avoid a family fight over an estate is to have a detailed estate plan in place.
For more information about Florida estate planning, contact our Jacksonville estate planning law firm.
