Revising Your Estate Plan Following A Change In Family Status

Many people forget to update their wills and other estate-planning documents when their family status changes. This can lead to unintended consequences and devastating heartbreaks. Imagine a child being disinherited because his or her father forgot to add them to a will, or a person's entire estate going to an ex-spouse rather than his current family.

At Nix Law, P.A., in Orlando, we represent families at crucial times in their lives: when they get divorced, when they draft a prenuptial agreement, and when they have child outside of marriage. These are times when you should review your estate plan to make sure it is up to date. Lawyer Mikaela Nix can help you review your estate plan and make appropriate changes.

What Legal Documents Do I Need To Review?

Here are some examples of documents you should review when your status changes:

  • Wills and trusts: If you marry, divorce or gain a child, review your will or trust to make sure your assets go the people you want to have them when you die.
  • Life insurance: Life insurance proceeds are distributed by beneficiary designation. Make sure your designation is up to date.
  • Retirement and stock accounts: Stock and retirement accounts need to be reviewed during divorce. You may have to divide a retirement account with your ex as a part of your marital property settlement. For assets that are yours to keep, make sure your beneficiary designations are up to date.
  • Powers of attorney: Many people give their spouse power of attorney to make financial decisions for them if they should become incapacitated. Make sure the person you named is the person you want to have this power.
  • Living wills and health care power of attorney: In Florida, the person you give health care power of attorney can make medical decisions for you if you are incapacitated. This person would also communicate your intentions for medical care if you are in an end-of-life situation with no hope of recovery.

For More Information About Updating Your Will And Estate Plan

To ensure your estate plan protects the people you love, call 407-674-0849 or schedule a consultation online with lawyer Mikaela Nix.