In your lifetime, you will likely experience several major life changes that could prompt an update of your trust or estate plan. Whether you have experienced the birth of a baby, a divorce, or a change in your financial circumstances, it may be time to review your documents.
The purpose of a review is to ensure your trust or estate plan aligns with your current and evolving situation, including fluctuations in your family dynamics. Our experienced estate planning attorneys have identified some of the most common life changes that could warrant modifying your trust or estate plan.
Many joyous life events could necessitate an update to your estate plan, such as marriage or the birth of a baby. However, equally unwelcome circumstances, such as divorce or the death of a beneficiary, may force you to revise it as well. You need to remember that a trust should always reflect your current family structure and relationships. This ensures that proper guardianship and inheritance provisions are in place and that your trust’s assets are distributed as you intend if you become incapacitated or pass away.
Over your lifetime, you could experience a range of changes in your financial circumstances, including retirement. Any time you experience a major increase or decrease in wealth, you should plan to update your trust. Whether you receive an inheritance, cash in an investment portfolio, or sell a significant asset, such as a vacation home, it is important to accurately document how you want these dynamic assets distributed.
When you or your family experiences a decline in health, whether through illness or disability, it is time to update your estate planning documents. You will want to address what this new life circumstance means for your future needs and clearly outline arrangements for your long-term care. This is also true for your spouse and children; addressing their potential needs is also an essential step to ensuring your trust or estate plan is viable.
If you are a business owner, any time you make amendments to your business structure, partners, or succession plan, you should also update your trust or estate plan. This is also true if your executor or trustee passes away or wishes to relinquish their responsibilities.
If you move to a new state, your charitable goals evolve, or there are new tax laws that could impact your estate plan, it is important to review and update your documents to reflect these life changes.
The amazing team at Veliz & Associates, P.A. has served our Coral Gables community for years. We are dedicated to providing you with the unique services your family needs to preserve your wealth for generations. Contact us today to learn more about the various life changes that could warrant modifying your trust or estate plan, so your family doesn’t have to worry about outdated or inaccurate instructions in the future.
We evaluate your case and determine how we might be able to help.
We will meet with you to discuss your next options and lay out a plan.
Our team guides you throughout the process so you feel confident about your choices.
(305) 250-9917