Did you recently create a will and other estate planning documents? If so, it's important to note that you should not simply sit on them until you reach the late stages of your life. Don't put these documents in the safe deposit box and not look at them ever again. A will needs to be reviewed every couple of years and amended appropriately based on the milestones you've achieved in life.
Florida readers are aware of the importance and benefit of having a strong estate plan in place. The factors that make up a strong estate plan vary greatly on a case-by-cases basis, depending on goals, needs and more. For some people, drafting a trust is a beneficial step.
Having a will is a great way to ensure that your loved ones are taken care of when you die. However, simply having a will and not updating it is not good. You cannot create a will in your 20s or 30s and then let it sit well into your 60s without updating it at least once or twice. Let's look at the important milestones in your life that signal it is time to update your will.
Guardianship is an important legal entity that should never be overlooked. It is an option that many people turn to when the time comes in life for their family members. Guardianships are most commonly created for children and adults with disabilities because they need to be protected since they cannot protect themselves. Let's take a look at creating a guardianship for an adult with a mental illness.
Even though you sign a living will, it doesn't mean mistakes won't happen when you find yourself in the emergency room (ER). Nurses and doctors rush to make judgment calls when patients are brought into the ER, so much so that they don't fully read the instructions in the living will that you created.
It's a smart idea in life to have a living trust. It's an even smarter idea to review that living trust every so often. How often should you review the contents of your trust? This is an interesting question that brings with it a four-part answer. There are four very important things that happen in life that should force you to review your living trust.