A common mistake that many people make with estate planning here in Tampa, FL is that after establishing a solid, current well-structured estate plan, and then they often forgetting about it. Your estate plan is not a static event set of documents – it is to be a fluid document in the sense that it should reflect changes that take place throughout your life. Founding Attorney Michelangelo Mortellaro, and his team at Mortellaro Law in Tampa, Florida, are often called upon to help families because of out-of-date estate plans.
Consider this: if you establish an estate plan at age 30, and live a fruitful life into your seventies before needing professional nursing care in a medical skilled-nursing facility until your death at age 85 – how many changes have occurred in the 55 years between your original estate plan and your death? If no changes were made to your estate plan, how can it possibly reflect your final wishes at age 85? What has changed between age 30 and age 85?
Reasons for Updating Your Estate Planning
Let’s look at some common changes that occur in life that necessitate an update to your estate planning if you reside in Tampa, FL. Mortellaro Law estate planning attorneys are available to help you with updates to your estate plan whenever the following changes warrant them.
Imagine all the possible changes that can occur in the structure of your family. Without any updates to your estate plan, how can you possibly make provision for them all?
- Death of a spouse
- Adding children
- Loss of children
- Adding grandchildren
- Adopting children
- Having a special needs child
What kind of problems would you generate for your family if your original, unchanged estate plan made provisions for your first spouse who eventually may have passed away, leaving nothing for a second spouse that may outlives you? Or how about children born or lost since you first established your estate plan? Without clear instructions and up-to-date information, your executor and family will be left in quite a quandary.
It is assumed (and hoped) that you will be much better off financially at age 85 than you were at age 30. Much can happen to your personal, business and financial landscape over 55 years. Fortunes have been made and lost in much less time. Consider some possible changes that require an update to your estate plan:
- Accumulation of savings
- Accumulation of debt
- Elimination of debt
- Acquisition of property
- Loss or sale of property
- Changes to your tax situation
- Business gains or losses
- Additional forms of income (insurance, retirement, etc.)
- Loss of income
Your assets and debts will no doubt change dramatically over time, and every substantial change should be reflected in your estate plan. An estate planning attorney from Mortellaro Law can help you decide when changes are necessary.
Without a doubt, your personal interests will change over time. Relationships with special people, causes and organizations can develop, grow or wane over your lifetime. You may wish to include these personal changes in your estate plan. This can include:
- Charitable / non-profit organizations
- Political interests
- Special people
Including or excluding these personal interests are solely at your discretion, but your current wishes should always be included in your estate planning in Tampa, FL. Life happens to all of us rapidly, and no one can predict the future, or even tomorrow. Don’t delay updating your estate plan with help from Mortellaro Law.
A vital part of your estate planning is choosing an executor for your estate, designating beneficiaries and distributing your assets. In our example at the beginning of this page, 55 years goes by between establishing an estate plan and your death. What can happen in 55 years? Your executor can die or become unable to fulfill that role. Your assets can change, as well as your beneficiaries.
Other events can occur, leading you to attach some stipulations or conditions onto the asset distributions you have planned. Changes to the laws of Florida or federal tax laws can make other changes more advantageous or complex. Certain life changes may make it necessary to rework your asset distributions. All this and more can make some procedural changes necessary to how your final wishes are to be carried out.
One way to ensure continuity and integrity into your estate planning if you reside in Tampa, FL is to retain Mortellaro Law as a neutral and unbiased executor of your estate. We can discuss this and other services when you work with us to establish and update your estate plan.
Help with Updating Your Estate Planning in Tampa, FL
Many adults view estate planning in Tampa, FL to be a chore, a bore, or something to fear and put off. But your future is always in motion, and dying intestate (without a will or other proper estate planning measures) leaves your family with uncredible legal burdens concerning your assets and final wishes. You can face your future with confidence, and prepare for the future security of your family, by working with Mortellaro Law to establish and maintain an up-to-date Florida estate plan.
Our estate planning services include:
- Wills & Trusts
- Living Wills
- Advance Directives
- Health Care Surrogacy
- Powers of Attorney
- Charitable Giving
- Special Needs Planning
- Asset Protection Measures
- VA Benefits Assistance
- Medicaid Eligibility Planning
- Planning for Nursing Home / Long-Term Care Expenses
Now is the time to begin estate planning here in Tampa, FL, or make any necessary updates to your existing estate plan. Contact Mortellaro Law for advice and assistance with your estate plan. You can contact us vis this website, or on facebook.