Just like a sailor must make corrections to avoid being blown off course, it is necessary to periodically review your estate planning documents — including your will or trust — to determine if any course corrections should be made.
Conducting a proper review of your documents will help identify the potential need to update because of:
Changes in family circumstances – births, deaths, marriages or divorces that may affect the people named in your documents such as beneficiaries, executors, decision-makers, etc.
Changes in law – these include changes to federal and state tax laws or regulations that open up new planning strategies.
Changes in assets – Has your net worth increased or decreased? This may mean that your current plan is no longer a good fit for what you want or need.
Funding of assets – it is common to discover that someone has not properly completed the transfer of assets into their trust, or have beneficiary designations that are inconsistent with the distribution language in their estate plan.
Inevitable changes in your life and/or the law dictate that a thorough review of your planning documents be conducted regularly to ensure that they still comply with your original intent.
A comprehensive review of your estate plan is intended to uncover those “gaps” that might not otherwise be discovered until it is too late. When that happens, it will be your family will have to deal with the unfortunate consequences.
At The Estate, Trust and Elder Law Firm, P.L. we help our Treasure Coast clients develop and implement comprehensive estate planning strategies personally tailored to their unique situation, needs, and goals. Contact us for your initial consultation at one of our conveniently located offices in Fort Pierce, Stuart, Port St. Lucie, Vero Beach, and Okeechobee.
