Although estate planning attorneys have always encouraged individuals to revisit their estate planning documents regularly to ensure they are accurate and up to date, many put off the task as they feel they have plenty of time to make the necessary changes. However, with the COVID-19 virus threatening more and more lives each day, there hasn’t been a better time than now to review your documents, revise them if necessary, and create any additional documents you may have forgotten to include in your estate plan.
Estate planning documents you need to review and revise now!
- Your will.
Are you no longer in a committed relationship with the person you named as your executor? Are there new additions to your family you’d like to now include in your will? Have you acquired additional assets or wish to change how your current assets are going to be distributed? If you answered yes to any of these questions, perhaps now would be a good time to contact Coral Springs, FL estate planning attorney Margery Golant to discuss getting your documents updated.
- Living trust.
Are you now at a stage in your life where you feel it is necessary to address how you are going to afford long-term care and medical aid in the future? Do you want to ensure your assets are protected from creditors? If you answered yes, then Express Law is here to help you update or create your living trust. Unlike a will, a living trust can do the following:
- It can “provide you with a vehicle for managing your property during your lifetime.”
- Allow you to “authorize the trustee to manage the property and use it for your benefit (and your family) if you should become incapacitated, thereby avoiding the appointment of a guardian for that purpose.”
[Source: American Bar Association].
- Your power of attorney.
Are you recently divorced or was the person designated as your agent no longer able to serve? Because the person you name in your power of attorney to serve as your agent is often given a significant amount of power over your finances, health care, or both, you need to be sure the person recorded on the document is the right one.
Estate planning documents are “living” documents that will need some revision from time to time. Life happens and laws change and to ensure the terms stipulated in your estate planning documents reflect your final wishes and are able to be carried out, it is crucial that you contact a FL estate planning attorney if changes need to be made to your documents.
Express Law can be reached at:
2900 West Sample Road
Pompano Beach, FL 33073