With the holiday season in full swing, it is logical for residents in Florida to be eyeing the upcoming transition to a new calendar year. The start of a new year is often a time when people step back and review many important parts of their lives and initiate some key changes. One thing that is wise to do at this time of year is to review an estate plan.
While New Year’s resolutions often center around lifestyle habits such as dieting, exercise or other health-related topics, a fresh look at a will, trust or other estate planning tool can be highly valuable. Many life events can occur in the course of a full year and these may prompt a person to rethink their previous choices for their estate.
As explained by Fidelity Investments, these events can even include a personal illness or disability or the illness or disability of a spouse. These factors matter a lot as an estate plan can be a way of providing income for people while they are still alive as much as it is a way of controlling the distribution of assets after death. With more people today needing to provide care for aging parents, this type of situation may also prompt a need to make changes to an estate plan.
Forbes calls out some other events that may make it important to update an estate plan. These include the divorce or remarriage of either one’s own self or one’s children, grandchildren or other heirs. The birth or adoption of a new child or grandchild or the introduction of a stepchild or step-grandchild into a family may also warrant logical amendments.