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Estate plans are not one-and-done matters. Rather, they are iterative and must be reviewed periodically to ensure that they continue to match your financial goals and life circumstances. Three broad types of events provide opportunities to revisit your estate plan:
- Personal milestones or major family events such as marriages and divorces, the birth of a new child or grandchild, or changes to intra-family dynamics,
- Considerable reorganizations or additions to your asset portfolio, and
- Changes to external economic, environmental, or legal factors such as global pandemics or new state or federal laws.
It is always advisable to make any and all changes to your estate plan in consultation with a Florida estate planning attorney. Often such documents are required to be notarized to be enforceable, and any tampering without following the proper procedures may result in the documents losing efficacy. In other words, changes written in the margin are not legitimate.
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