What Are 3 Reasons Why An Older Estate Plan Might Fail?
A good estate plan is absolutely essential. But, if this estate plan is older, and has yet to be updated, then it may lead to some less-than-desirable outcomes.
What Is An Estate Plan?
Right before we go over the three reasons why an older estate plan might fail, we must first define what, exactly, an estate plan happens to be.
With the above in mind, an estate plan is a legal arrangement in which you arrange the transfer of your assets, in anticipation of your death.
A variety of benefits come from developing an estate plan. Some of these benefits are as follows:
- You can give your assets to the people whom you would like to have them.
- You can maximize the amount of wealth that is transferred to your intended beneficiaries.
- You can protect your assets.
To reap these benefits, you must develop a good estate plan with the help of a lawyer. And, then, you must update this estate plan on a regular basis, so that it aligns with your wishes and the current state of affairs.
What Are 3 Reasons Why An Older Estate Plan Might Fail?
Reason 01: Your Goals And Intentions Might Change
A good estate plan is an estate plan that satisfies your goals and intentions. But, if your estate plan does not satisfy your goals and intentions, then it is not a good estate plan and, as such, it will fail.
To ensure that your estate plan satisfies your goals and intentions, you must go over it on a regular basis. Right after doing so, you can then work with a lawyer and make the changes that you would like to make, ensuring that your goals and intentions are met.
Reason 02: The Estate Planning Laws Within The State Of Florida Might Have Changed
A wealth of different laws govern estate planning within the state of Florida. But, these laws can change and, when they do, certain components of your estate plan will need to change with them.
Just as an example, if the probate laws change, then your estate may be subject to probate. This would prevent your beneficiaries from receiving their assets in a timely manner.
To ensure that this does not happen, you must go over your estate plan, with a lawyer, regularly. Doing so will allow you to make sure that your estate plan is aligned with Florida’s estate planning laws.
Reason 03: Your Decision Makers Might Change
A key component of estate planning is selecting people who will be able to make decisions for you, in the event that you are unable to make decisions or that you pass away.
Sometimes, though, these decision makers are unable to take on the role. To make sure that your estate plan is still valid, you must update it so that the proper decision makers will be given the appropriate responsibilities.
Speak With A Florida Estate Planning Lawyer
A good estate plan must be updated on a regular basis. Speak with a Florida estate planning lawyer at the Millhorn Elder Law Planning Group and we will assist you in developing an estate plan that satisfies all of your needs and wants.
Sources:
law.cornell.edu/wex/estate_planning
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html
