Those who put effort into crafting a thoughtful estate plan take steps that could take care of their loved ones in the event of their passing. Florida residents who think an estate plan is never subject to revisions could be mistaken. There are numerous instances when changing an estate plan makes sense.
Revising an estate plan
A last will and testament might be the most common document in an estate plan, and anything present in a valid document typically will stand. If the testator had changed their mind about something but did not change the will, those preferences won’t likely factor into probate. So, if the testator has an addition to the family, gets divorced, or inherits a significant sum of money, it might be wise to write a new will. The new will then becomes the valid document replacing the old one.
A testator may worry about how the beneficiaries will manage their newly acquired assets. Those who feel the heirs can’t make appropriate decisions could replace the will with a trust. A trust would follow the deceased person’s directives even after their passing.
Other issues with estate planning
Comprehensive state planning could involve more than drafting and signing a will or devising a trust. The planner may name a trusted relative to serve as their attorney-in-fact via a power of attorney document. If the planner feels the person is no longer trustworthy, revoking the power of attorney and naming another agent may be necessary.
Illnesses could prompt the crafting of a health care proxy or a living will. These documents could require changes based on the estate planner’s reevaluation of their needs. People may wish to review their estate plans periodically to determine if any changes are necessary.