Estate Planning Updates: a brief look into a few of the more overlooked reasons to review your estate plan
January 31, 2018
You may have heard the call to action to have estate planning documents prepared or updated in the event of significant life changing events such as marriage or the birth of a child. One such event that sometimes goes unnoticed in this context, but can be equally important, is a divorce. In an often stressful and difficult time, this is a step that can be easy to overlook entirely, but it can result in significant unintended consequences. As such, estate planning and related considerations should not be neglected at the time of a divorce. This includes not only wills, but also healthcare directives involving the grant of decision-making authority, as well as matters such as beneficiary designations.
There are several other events which don’t necessarily involve significant family-related life changes in which you may want to consider updates to your estate plan. Some examples include the purchase or receipt of property or wealth—and, by the same token, property loss or depletion of assets—your relocation or the relocation of a designated executor or personal representative, changes in the law, or simply the passage of time.
Even absent any of the above circumstances, it is often a good idea to review your estate plan every five years. The reality is that setting up these important documents is not necessarily a “set it and forget it” proposition. Rather, it is a continuing responsibility that can often evolve based upon changes in your life or the lives of your loved ones.
Dreyfus Harrison, P.A. is a full service Civil Litigation Law Firm in Clearwater, Florida that has been serving the Tampa Bay area for over 30 years. Our areas of practice include Divorce & Family Law, Personal Injury, Estate Planning & Probate Litigation, Civil Litigation, and Business & Corporate Law. To schedule a consultation, please call our office at (727) 442-1144.