A New Year means different things to different people. For most of us though, it centers on making resolutions that can make our lives better. In our practice, we find that nowhere does this hold more true than making sure you have the right estate planning for you and your loved ones.
Estate planning is about much more than simply planning for your assets at the time of your passing. It is also about ensuring that you have lifetime protections in place. For example, if you were in a car accident, who would be able to make your health care decisions? Who would have the legal authority to pay your bills or cash your paycheck? Would your family and friends even know where to start?
For these reasons, and so many others, it is critical to have the Florida estate planning you need in place sooner, rather than later. If you have an estate plan in place, it is also the right time to ensure that it currently reflects your wishes. Unfortunately, many people create estate plans and it takes years, if not decades, for them to update them.
Let us share 5 key reasons why seniors should consider updating their Florida estate planning in the New Year.
1. There has been a death in your family. If there has been a death in your family and that person is named in any capacity in your Florida estate planning, then you may need an update to avoid complications down the line.
2. If there have been births of new family members. It is so exciting to have new children and grandchildren add to your estate planning. Help avoid any future issues now by adding them to your estate plan.
3. Your choice for decision maker has changed. Do you still want your selected agent to make your decisions for finances or health care? Do you need to name secondary or tertiary agents? Be sure to update your documents to reflect your choice of representative.
4. You have a new health diagnosis. In light of a new health care diagnosis you may need to update your estate planning to reflect this change in your life. Will you be able to continue working? Do you need to plan for the disability of yourself or a spouse? Do not put off having this conversation with your attorney.
5. You are concerned about long-term care. Long-term care is often left unaddressed in estate planning meetings, but it is no way unimportant. Talk to your estate planning attorney about his or her comfort with long-term care planning. The earlier you can plan forward for a potential future that involves some form of care, the better.
If you have any of these questions and concerns, or more, we encourage you not to put off scheduling a meeting with an estate planning attorney. Your attorney will be able to address these concerns and ensure your Florida estate plan can reach your goals. We encourage you to contact us with your questions and schedule a meeting with our attorney today.