10 Jan Looking into Updating Your Estate Plan in 2023? Consider These 4 Tips
As you begin the New Year, are you looking into updating your estate plan? Has it been a while since you pulled out your original Florida estate plan and really examined it? Have there been changes in your life and the lives of your close family? Have there been changes in the laws governing your Florida estate plan? Are you concerned about your plans to protect yourself and your family?
As you review your current Florida estate plan, does it:
- Protect your ability to make your own health care decisions?
- Honor your wishes if you are in a persistent vegetative state?
- Give legal authority to another of your choosing to pay your bills if you cannot?
- Care for your pets and support your caregiver with financial resources?
- Allow your family to protect your assets if you need long-term care?
- Leave your assets to those you want to provide for at your passing?
- Create a legacy that can outlive you?
All the questions listed above are difficult but they will enable you to think about your current estate plan and what you need to do to update it. We also have 4 tips to share with you to get you started on updating:
1. Think about who you have chosen to be your agent and act for you in your current estate plan in a crisis, is this person still the person you trust and want to select? Is this person readily available?
2. Do you have the same person acting as an agent for you with health care decisions and financial decisions? Are you contemplating having a different person for your health care decisions versus your financial decisions?
3. Are you concerned that you had named your spouse, but are now concerned that your spouse may not be up to the responsibility? What should you do now?
4. Should there be multiple backup people? Also, should you name both of your children to serve as agents together or as personal representatives together?
Now would be a good time to contact your Florida estate planning attorney to assist you in updating your estate plan. He will be current with all laws regarding Florida estate planning and probate, federal and state tax changes and more in regard to a comprehensive Florida estate plan. It is very important to periodically ensure that your Florida estate plan always reflects what you want, memorializes changes to your family structure if there are any, and gives the legal authority to your decision makers to act in a crisis.
We know this article may raise more questions than it answers. Our office is here to help you navigate the legal issues related to seeking and covering the cost of memory care. We encourage you to contact us and schedule a meeting with our attorneys.