• 12
  • January
    2012

Giving your estate plan a once-over isn't always how most people want to head into the new year. But it's still an important task that needs to be taken care of regularly if you want to take comfort in the fact that your assets and money will be handled according to your desires once you are gone.

Florida estate planning lawyers know that many people consider estate planning updates to be a nuisance expense that they might like to avoid, but if you put off these revisions and reviews it could ultimately cost your estate much more than you would pay up-front. There are a number of considerations to keep in mind when reviewing your estate plan, and covering your bases will protect you from any unexpected complications that hurt both your estate and its beneficiaries.

One of the most important measures to take in an estate plan is identifying a person to make medical decisions on your behalf if you are unable to do so. Medical emergencies sometimes arise that prevent you from making these decisions on your own, and you need to designate a person you trust to act as you would if you had the mental capacity.

Estate plans should also be updated periodically in accordance with changes to tax laws -- you will want to make sure you are set up for all contingencies given the ever-fluctuating laws regarding taxation. In some cases, this may mean giving away assets before you die in order to save on tax expenses.

Individuals with custody of children should designate guardians in the event of an emergency, and beneficiaries of the estate should be clearly identified -- both the individuals and what they are entitled to receive.

Source: Forbes "Make a New Year's Resolution To Give Your Estate Plan a Checkup" Jan. 4, 2012