“If you fail to plan you plan to fail”
–Benjamin Franklin
Creating an estate plan and periodically making formal changes where and when appropriate is an important aspect of owning real estate. An estate plan, or documents that clarify how you would prefer your income, assets and any other money distributed helps to make things easier for you and your loved ones, as well as those who might handle your personal affairs in the future.
Considering purchasing a property is one of the largest financial commitments you may ever make, it is important to understand when it is necessary to revise your estate plan. Before you begin drafting your estate plan, consult with an expert Estate Attorney such as, Kadoch Law Group. This team of experienced Estate Attorney’s will offer you support and guidance throughout your estate-planning journey in Florida. Kadoch Law Group will prepare you and inform you about the importance of preparing a well thought out estate plan.
Reviewing your estate plan and keeping it up to date when your financial or personal circumstances change will ensure it reflects new goals or desires, and provide you with protection in the future. For example, it is necessary to make changes to your estate plan after a birth or adoption, divorce, re-marriage, illness, injury, and/or if changes in specific tax laws occur and affect your plan.
Statistics show that soon after someone creates their Trust or will, it is placed in a safe place or left with an attorney, without much further thought. However, when things move forward in life and personal or financial situations develop or change, such as meeting the love of your life, having a baby, accumulating assets or wealth, then you may want to revise these important documents and include new family members in your estate plan. However, in 2014, a survey found that only approximately 51% of the American population, ages 55-64 have not even set up a Trust or will.
Financial advisors highly recommend that these important documents, the ones that make up your estate plan be drafted, formalized, reviewed and revised more frequently. When considering your financial situation, property and all assets, advisors explain that it is beneficial for a review to take place and it has been said this should be completed, “at least every five years—more often if there is a change in the law, your finances or personal circumstances”.
Are you in need of advice regarding creating, reviewing or revising your estate plan? Or are you interested in gaining more information about real estate support in Florida? Why settle for less when you can get an experienced attorney on your team? If you are looking to devise an estate plan, buy a house, are having problems with your tenant, or are simply trying to find someone to navigate your contracts and simplify the buying and selling process for you overall, give us a call and we will provide the best possible service to you as we do with all of our clients!