With 2018 soon to be in the rearview mirror, now may be a wise time to look at an existing will. Likewise, asset owners in Florida may want to review the other documents in their estate plans. This is just as important of a step in estate planning as actually creating the documents in the beginning.
When reviewing an estate plan, an important consideration is to review current assets. If a person has acquired new assets in 2018, or if he or she has sold others, his or her estate plan needs to reflect these changes. For example, if people have living trusts but bought new homes in their individual names, they would be wise to transfer the ownership of the homes to the trustees so that the homes can be included in their trusts. Otherwise, when they die, the homes will have to go through the time-consuming and lengthy probate process.
It is also expedient for people at the end of the year to review their fiduciaries. Fiduciaries are those named in a trust, power of attorney or will to act on someone’s behalf in the event that the individual becomes incapacitated or dies. Some previously named fiduciaries might have died or even moved too far away to serve in the fiduciary capacity going forward.
Estate planning can understandably be overwhelming due to the many moving parts involved. However, an attorney in Florida can help with the process of creating and updating an estate plan. Through well-thought-out estate planning, asset owners can ensure that their assets end up in the intended hands when they pass away.
