When Is The Right Time to Create or Update Your Estate Plan?
If you do not have a comprehensive estate plan in place, you should consider creating one immediately. The truth is that we never know how long we have left. Even if you create an estate plan decades before you actually need it, you immediately gain the comfort of knowing that your family will be taken care of when you are gone. Furthermore, some aspects of an estate plan, such as healthcare directives, are useful right away.
Estate plans can be simple or complex depending on the value and types of assets you have. Every estate plan should contain a will. This ensures that none of your property will be distributed based on Florida intestacy law. Many people also use tools called trusts to hold or manage property. Depending on your goals, a trust can start working immediately to provide for your loved ones or fund a charity; trusts can also be used for the long term to accomplish a range of financial goals.
Estate planning can help your family avoid the probate process when you die. More importantly, creating a clear plan and making your wishes known can help avoid conflicts among your family members.
Creating an estate plan early means that you will need to keep it current to maximize its effectiveness. You should revisit it after life changes such as:
- Marriage or divorce
- Having children
- The purchase or sale of assets
- Starting a business
Your will can be changed or updated at any time through the addition of a simple document known as a codicil. Even if your life has not undergone major changes, you should still review your plan periodically to make sure it still reflects your wishes.
For help creating or changing your estate plan, consult a skilled estate planning attorney at BaumannKangas Estate Law. We have locations in both Tampa and Sun City Center.