Estate Planning 101 – Palm Beach County Tips And Guidelines
When do you need to update your Estate Plan?
Many clients of mine think that once they completed their estate plan and made sure that it was funded correctly, they could set it aside and forget it. This cannot be further from the truth. An estate plan should be revisited annually or at least ever few years. It is like a ship leaving port in New York with an end destination of London; a small change of course can substantially impact the destination.
- The clear changes of circumstances include:
- Marriage; children (grandchildren)
- Death of loved ones
- An increase or decrease in assets
- Change in distributions
- Often overlooked:
- Change of account title
- A guardian, executor or trustee is no longer able to serve
- Change in beneficiaries
- Change in Federal or state estate or tax laws;
e.g. The recent change in estate tax laws substantially altered prior planning options and strategies.
A significant number of law firms offer maintenance programs to protect against common mistakes that could cause a substantial adverse consequence. It is in my experience that over 70% of estate plans that I review, have potential latent defects and that the estate plan explained to me does not correspond to the plan itself.
About Evan W. Turk Esq.
Evan W. Turk is the Managing Member of Principle Counsel, PL, based out of Delray Beach, Florida. Practice areas include Elder Law, Estate Planning, Wealth Management, Asset Protection, Business Transactions, Probate Law and Securities Litigation.
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