Is Your Estate Plan Outdated? When Florida Families Should Review Their Documents

In this article, you can discover…

• How often you should review your estate plans after a major life challenge.
• How Florida’s homestead laws can impact asset division, even if you don’t have a will.
• The value of allowing an attorney to help you update your estate plans.

How Often Should A Florida Will Be Reviewed Or Updated After Major Life Changes?

You should update your estate plans whenever someone is born, passes away, gets married, or gets divorced, and at least every five years. It’s also important to update plans in light of changing laws, especially with regard to Florida’s homestead property exemption laws.

For example, if a man remarries and brings his new wife into his home, if he dies without a will, even if she never legally owned the house, under Florida’s homestead laws, she has rights to that house once he passes away.  He would not be able to put the house into a trust or a corporation, either, as that house is his homestead.

When you move to Florida, have any existing estate plans reviewed, as the laws in Florida are unique. You should also come in to review estate plans when your spouse passes away, as you’ll have to choose someone new to be your estate’s personal representative.

Your estate planning attorney can help you set up a will, a general power of attorney, a healthcare power of attorney, a living will, and a HIPAA release.

What Is A HIPAA Release, And Why Is It So Important To Estate Planning?

Hospitals typically will not tell you anything about the medical condition of a family member unless you are their spouse. With a HIPAA release, doctors can share your health and treatment information with authorized individuals, such as an adult child, sibling, or in-law.

This is something I used to gain a better understanding of my father-in-law’s health and condition, and it can be useful for anyone with aging parents, as they may not be forthcoming about their health struggles as they get older. The more you know, the better you can plan ahead.

Attorney Phillip A. Roach, Esq. is a respected, knowledgeable estate planning attorney serving Florida. Since 1988, he’s helped clients just like you update their estate plans to account for Florida’s unique laws and his clients’ unique needs, wishes, and family dynamics.

Have questions, or in need of legal guidance in Lee County or Collier County? Contact Phillip A. Roach, Attorney At Law for an initial consultation today.

How Do Florida’s Homestead Laws Impact Estate Plans?

Florida’s homestead laws guarantee that a surviving spouse has a 30% stake in an IRA and 50% stake in a home, regardless of what your will states and regardless of whether you have a will. Even if your will specifically states that you are not leaving anything to your spouse, they can still claim Florida’s homestead laws and seek a 50% interest in the home you both shared, even if they never legally owned it.

It’s important to understand how these laws work and what is impacted, especially if you have recently moved to Florida.

When Should Florida Families Seek Legal Guidance To Update Their Estate Planning Documents?

It’s always important to involve an estate planning attorney in updating your plans to make sure it’s done correctly. I see a lot of DIY estate plans that are not done correctly, and I wind up fixing them. It’s very dangerous to try to handle your own legal documents.

I’ve handled estate planning documents and prenuptial agreements, and I work closely with a title company, as well. It’s critical to get these documents right, as when you mess up a deed, it’s really messed up, and you’ll have to redo it. That can be costly and time-consuming, so it’s best to have an estate planning attorney draft those documents for you from the beginning.

Still Have Questions? Ready To Get Started?

For more information on  updating Florida estate plans, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (239) 990-2024 today.