The two most common mistakes people make regarding estate planning are not having an estate plan and having an outdated one. If you have not reviewed your estate planning with a qualified attorney in over a year, then it’s time to evaluate it to make any necessary changes. Your estate plan is only as good as it is accurate. Working with an experienced estate planning attorney from Mortellaro Law will make updating your estate plan a breeze.
Here are some of the possible changes to your estate planning that you need to make for 2021. In light of the extraordinary circumstances brought about by COVID-19 through the past year, you should consider these or speak to an estate planning attorney about other possible changes.
Changes in the Law
Laws are constantly under review and subject to change. There may have been changes to the tax laws or other laws that govern your estate that could make your estate plan invalid in its current form. An estate planning attorney from Mortellaro Law can advise you on any changes to federal or state laws that may impact your will or other directives.
Moving to Another State
Each state has its own laws that govern estate planning, including Florida. If you moved your legal residence to another state since you formulated your estate plan, you will need to review it with an attorney to update it according to state law where you now live. An estate plan formulated under another state’s laws is considered invalid.
Changes in Your Family
If there have been changes to your family status or circumstances, your estate plan needs to be updated to reflect these changes. There might be a new child or grandchild. You may have divorced, remarried or become widowed. You may wish to delete someone who was formerly included in the estate plan and add others.
Changes in Your Assets and/or Liabilities
If your estate has experienced a significant change in value since your estate plan was drafted, it’s time for a review. You may wish to reevaluate how your property is divided, or you may have sold or added an asset that needs to be included. Other negative changes may have occurred that require rethinking your planned asset distribution.
Outdated Retirement Plan Factors
Far too many Florida residents fail to update the beneficiary designations of 401(k)s, IRAs and other retirement plans. Remember, the beneficiary of these accounts is listed on the beneficiary designation form on file with the plan, not your will or trust. Beneficiary designations control who receives annuities, life insurance, some financial accounts and some other assets.
An experienced estate planning attorney from Mortellaro Law can assist you with a review of your estate plan and making any necessary modifications. Get in touch with us on facebook, or call us today to arrange a consultation.
