If you have an estate plan in place, congratulations! You’re among a relatively small group of individuals that have taken an important step in securing their family’s future. However, just because you have an estate plan in place, it doesn’t mean that your efforts should necessarily end there. As time goes by, your financial or personal situation can change, and this may require going back and making necessary revisions to your estate plan.
For example, if you were to get married or re-married, existing provisions in your estate plan will not include your new spouse. Although marriage does mean that both spouses will have some degree of rights to each other’s property, you may wish to make revisions based on your new goals as a couple or an individual. On the other hand, if you’re planning on divorcing, you’ll also want to go back and make some revisions if your goals no longer include providing for your spouse.
If you don’t have any children then your estate plan may distribute your assets to either your spouse or perhaps a charitable organization. If you end up having a child then you may want him or her to become the recipient of your estate. You may also wish to appoint a legal guardian in the event of death or a situation that leaves you or your spouse incapacitated.
These estate planning tips are brought to you by South Florida law firm Bauer Brofsky, a Florida estate planning attorney. Some of our areas of practice include estate planning as well as criminal law, tax planning, personal injury and real estate law. Call 305-712-7979 for a case evaluation or for any questions you may have.