Drafting an estate plan is one of the most responsible things you can do for yourself and your family. Contrary to what many people think, estate planning is not a do it and forget it task. It is just as important to review your estate plan regularly to ensure that it is up to date and still reflects your wishes. Below, our St. Petersburg estate planning lawyer outlines when it is time to review your plan.
Changes in Family Circumstances
As people move through life, their circumstances are bound to change. These changes impact our personal relationships and can have a significant impact on your estate plan. Whether someone in your family is getting married, navigating the challenges of divorce, or grieving the loss of a loved one, all of these events require a comprehensive review of your estate plan. Reviewing your estate plan is not only about updating beneficiaries but also making sure your wishes are fulfilled.
Changes in Your Financial Situation
Over time, it is natural for people to experience ebbs and flows in their financial situation. One day fortunes may rise while on another, they may fall. It is particularly important to review your estate plan any time you experience significant changes in your financial situation such as receiving new property through an inheritance, an acquisition of valuable real estate, a thriving stock portfolio, or the start of a business.
Legal Changes
The laws on estate planning in Florida are subject to change just as any other. Keeping current with these laws, and ensuring your plan complies with them, is of the utmost importance. Most significantly, changes in tax laws can greatly impact your estate plan and the property that is ultimately left for your loved ones. When reviewing your plan with a qualified attorney, they can advise you of any changes and the strategies that can help you minimize any negative impacts.
Changing Health and Medical Needs
Medical issues can arise unexpectedly. For example, you may face a decline in your health, or your child may be diagnosed with a disability. When these challenges arise, you may wish to draft certain estate planning documents to accommodate these circumstances such as a durable power of attorney, a health care surrogate, or a special needs trust.
Regular Reviews
Just as your home and vehicle require regular maintenance, so too, does your estate plan. Even without the above life changes, it is important to review your estate plan every three to five years. This will ensure that the instructions you have included in your documents still reflect your ultimate wishes.
Our Estate Planning Lawyer in St. Petersburg Can Review Your Plan
When reviewing your estate plan, it is important to enlist the help of a St. Petersburg estate planning lawyer. At Legacy Protection Lawyers, LLP, our experienced attorney can review your plan with you, assist you with any changes, and ensure they are executed properly. Call us today at 727-471-5868 or contact us online to request a consultation and to learn more about how we can help.
November 20, 2025
