An estate plan is not like an alarm clock, where you can “set it and forget it.” Life changes, and when it does, you also need to amend your estate plan to match it. An experienced attorney can help you go over your estate plan and make changes as necessary.
The documents that you sign as part of your estate plan are legally binding. They will remain in place regardless of whether your circumstances change. For example, you may have gone through a divorce, but your ex-spouse may still be named in estate planning documents. You may have given power of attorney to someone who is no longer alive. Then, your estate plan may not work in the way that you intended it. You may have even named someone as a beneficiary of your life insurance proceeds whom you would no longer want to receive the money. Beneficiary designations are binding until you change them.
Therefore, it is essential to update your estate plan. You should sit down with a lawyer to review your estate plan after major life changes. Even if there are no changes, you should still periodically consider your plan to see if it still meets your needs. The entire purpose of an estate plan is to protect your family, and it should represent your current thinking and needs. Although you may reach the conclusion in many cases to leave your estate plan as it is, you should at least have the peace of mind that comes from knowing that your plans are current.
Contact a St. Johns County Estate Planning Attorney Today
The attorneys at Naples & Spence work with St. Augustine families to draft and execute effective estate plans. To get help from an experienced lawyer, call us today at 904.478.8964 or contact us online.
