Life Changes And So Should Your Estate Plan
At The Miller Elder Law Firm, we often remind our clients that an estate plan isn’t something you “set and forget.” Life changes—and so should your wills, trusts, and powers of attorney. Whether you’re reviewing your financial situation, preparing for retirement, or reflecting on life changes, it’s essential to revisit your plan every five years or sooner if significant events occur.
Estate planning is not just about passing on wealth; it’s about protecting your loved ones, maintaining control over your decisions, and ensuring your wishes are honored. If you’ve had your estate planning documents in place for a while, it’s time to update them. Here’s why.
1. Most Common Reason To Update Estate Plan: You Got Married or Divorced
A change in marital status is one of the most common—and most critical—reasons to revise your estate plan. Many states have laws that automatically revoke parts of your will if you marry or divorce, but that doesn’t mean your intentions are properly reflected. Update your will, trust, and beneficiary designations to ensure they align with your current relationships.
2. There’s a New Addition to Your Family
Whether it’s a birth, adoption, or even a new grandchild, it’s important to formally include new family members in your estate plan. You may want to assign guardianship for minor children, create a trust fund for future education, or update inheritance distributions.
3. A Family Member Becomes Dependent on You
If a loved one becomes physically or financially dependent on you, your estate plan should reflect this change. You may need to adjust healthcare directives or set up a special needs trust to ensure long-term support without jeopardizing government benefits like Medicaid or SSI.
4. Your Chosen Power of Attorney or Health Care Surrogate Is No Longer Appropriate
Life changes. The person you once trusted to act as your power of attorney or health care proxy may have moved away, passed on, or no longer be the right fit. If your agent is unavailable or incapable of fulfilling their role, it’s vital to choose someone new and legally update your documents.
5. Your Assets Have Significantly Increased or Decreased
A substantial change in your net worth, whether due to business success, real estate appreciation, or other investments, can change how your estate should be structured. You may want to reconsider asset protection strategies, tax planning, or charitable giving options.
6. You Received a Large Inheritance or Gift
A sudden windfall or inheritance can shift your financial picture—and your estate planning goals. It may be time to meet with an elder law attorney to discuss ways to protect those assets, limit estate taxes, and ensure they are passed on according to your wishes.
7. Your Income or Financial Goals Have Changed
A promotion, job loss, or transition to a fixed retirement income can affect your financial future. If your income level changes, your estate plan should be updated to reflect your new financial reality, including any adjustments to gifting strategies, trust funding, or long-term care planning.
8. You’re Retiring
Retirement is a major milestone that deserves a second look at your estate plan. As you shift from earning to spending, you may want to revise your distribution plans, reassess your Medicaid eligibility strategies, and ensure your healthcare directives are in place.
9. A Beneficiary Has Died or Become Disabled
If someone named in your will or trust has passed away or become disabled, it’s time to update your documents. You may need to designate alternate beneficiaries or establish special provisions for a disabled heir to avoid disrupting their eligibility for public benefits.
10. Your Legal Documents Are More Than Five Years Old
Even if nothing in your life has changed, the laws around estate planning might have. Federal and Florida-specific estate tax laws, healthcare regulations, and power of attorney statutes evolve over time. Having documents older than five years may leave your estate plan outdated or even unenforceable.
The Bottom Line
Your estate plan should reflect your current wishes, family dynamics, and financial situation. At The Miller Elder Law Firm, we specialize in helping Florida families protect what matters most. Whether it’s updating your durable power of attorney, revising your last will and testament, or creating a comprehensive trust-based plan, we’re here to help.
Don’t wait for a crisis. Start the new year with peace of mind—schedule a review of your estate plan today.
Contact us for a free estate planning consultation. Call us at 352.379.1900 or complete the form below and we will contact you for an appointment.