LegalJourney Blog

Monday, February 15, 2016

Keeping Your Estate Plan Up-to-Date

Why do I need to keep my estate plan current?

 Once you have an estate plan in place, it is essential to understand that your personal and financial situation may change over time. This means that it may be necessary to revise your estate plan to reflect those changes.

By reviewing your estate plan you can keep it up-to-date in the following circumstances:

  • Marriage -- A first or second marriage requires  changes  to the terms of your will or trust
  • Divorce -- Your estate plan should be revised promptly after your divorce
  • Having or adopting a child -- You should make changes to protect your children's financial future and appoint a legal guardian in case you and your spouse die or become incapacitated
  • Injury or illness -- If you or a family member becomes seriously ill, special needs may require changes in your estate plan
  • Buying or selling a business  -- This can significantly change the extent of your assets and require long-term asset protection for you and your family
  • Relocating --  Estate planning documents are portable, but differences in state law, such as those between separate and community property states, can have tax implications

What to Include in an Estate Plan

Whether or not you experience life changes, it is important to ensure that you have a comprehensive estate plan. A well-designed plan will name who you wish to manage your affairs in the event you become disabled, incapacitated or pass away. Planning for incapacity also requires planning for long-term care. Additional benefits of having an estate plan in place include:

  • Avoiding probate
  • Protecting children from a prior marriage
  • Protecting assets inherited by your heirs from lawsuits, divorces, or other claims

The Bottom Line

In the event you experience significant personal or financial changes, your estate plan must be revised to reflect those changes, as well as to protect your assets and your loved ones. Also, your plan could be affected by changes in state and/or federal law that you are not even aware of. This is why it is so important to work with a qualified estate planning attorney to ensure that your estate plan is up-to- date. 


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Attorney Karnardo Garnett represents clients with their Estate Planning, Elder Law and Asset Protection needs throughout the Tampa Bay Area, serving all of the bay area, including but not limited to Tampa, Brandon, Clearwater, St. Petersburg, Gibsonton, Riverview, Oldsmar, Safety Harbor, Hillsborough County, and Pinellas County, FL



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| Phone: 813.344.5769 | 888.954.5769

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