So you say you have an estate plan? When was the last time that you had it reviewed?
You should have your estate plan reviewed at least once every 3 to 5 years. This is not only for changes in law and changes in the tax code (both which happen more often than you think) but also because your family and assets tend to change that often too. Just think about how your family looked 5 years ago. Are there more people in it now? Are there less people in it now? Have children become adults in that time? Every 3 to 5 years the average family will see marriages, divorces, births and deaths. Each of these occurrences should lead to an estate plan update. Here are some questions to ask yourself:
1. Are my children ready to be their own trustee if something should happen to me?
2. Is my living will valid? (Hint: if made prior to 2006, it probably isn’t.)
3. Are all of the people I chose to act as trustee, guardian, power of attorney, health care surrogate, etc. still alive? Still competent? Still trustworthy?
4. Is my estate taxable this year? How about in future years?
There are an infinite amount of questions you can ask yourself but the easier method is to contact the South Florida law firm of Wild Felice & Pardo, P.A. at 954-944-2855 or via email at email@example.com to schedule your free consultation and complimentary estate plan review. It’s a Wild world. Are you protected?