Too many people assume that once they have an estate plan, their work is done, and they do not have to worry about the issue again. However, we all know that circumstances change, and many changes warrant updating various aspects of your estate plan. You should take time to contact an estate planning lawyer in St. Johns County who can review your plan and identify possible updates.
Making Changes to Estate Plan Documents
Your comprehensive estate plan should involve different documents and legal tools, including a last will and testament, living trust, power of attorney, beneficiary accounts, and more. The following are some situations in which you might want to update some or all of these:
- Having a child – If you had a child since you last addressed your estate plan, you should update your documents to address their guardianship and inheritance.
- Divorce – After a divorce, you want to remove your spouse as the power of attorney and beneficiary to accounts, and you might need to form a new trust if you had a joint trust.
- Changes in relationships – Sometimes, you might fall out of favor with someone you named in your will or as your power of attorney. Individuals might pass away or develop issues that make them the wrong choice to handle your affairs.
- Changes to your property – If you gain or lose substantial property, it is important to reconsider how you want to distribute that property after your death.
Consult with an Estate Planning Lawyer in St. Augustine
At Naples & Spence, Attorneys at Law, we are here to help you create a brand new estate plan or update an existing one. Whether you experienced life changes or want a periodic review, our St. Johns County estate planning attorneys can help. Contact us online or call 904.657.7117 to schedule an appointment.
