Begin The New Year With Reviewing Your Family Estate Plan

Updating your Family Estate Plan is a crucial step for the start of a new year. Through the previous year, no doubt you experienced some changes in your health, finances, property, and family. It’s crucial that as your circumstances change, so does your Family Estate Plan. Here are a few items you should review at the beginning of each year:

Beneficiaries
As your interpersonal relationships change, your choice of beneficiaries may also change. If you were married in the last year, obviously you would want your new spouse to be named as a beneficiary. Or if a relationship with a friend or loved one has drastically changed, you may decide to eliminate them as a beneficiary or reduce their share. Or perhaps you gained a new grandchild, niece, nephew or made a new close friend in the last year. Make sure your Family Estate Plan reflects those changes.

Guardians
As time passes you may find that who you trust to make financial or healthcare decisions for you in an emergency also changes. Sometimes we learn that those who we designate to serve as a Plenary Guardian or maintain a Power of Attorney if we become incapacitated may not be able to fulfill that role. Perhaps their age and/or health does not permit them to handle such heavy responsibility. Or maybe they moved away, making it impractical for them to assist you in an emergency. Update your Family Estate Plan with the names and contact details of those who you trust would help you if you were to become incapacitated this year.

Assets and Property
In the course of a year, you might have acquired a variety of new assets: real estate property, investments, bank accounts, etc. It is important to revise your Family Estate Plan so ensure these new assets are properly protected. For example, if you have a Family Living Trust and later open a new bank account, that bank account may be subject to the process of Probate, which is both lengthy and costly. Speak with an experienced Estate Planning Attorney to ensure your newly acquired assets are included in your Family Estate Plan.

Whether you are revising an existing estate plan or starting from scratch, it’s a good idea to consult with an Estate Planning Attorney who can help you navigate your estate planning options and design a strategy best for you! If you need assistance creating an estate plan or updating an existing one.

Contact The Mendez Law Firm at (407)380-7724 or mail@themendezlawfirm.com. We’ll schedule your FREE, No Obligation, No Cost office conference or Virtual Zoom conference to discuss your Family Estate Plan, and review other Probate avoidance options that may benefit you and your family!