How Often Should Someone Review Or Update Their Estate Planning?
You should review or update your estate planning documents every two or three years. Any change in addresses, names, relationships, deaths, births, and any other significant life changes calls for an update of the documents. It is a good idea to examine your documents periodically to ensure that they still fulfill your wishes and needs.
Who Are The Necessary Parties Involved In Estate Planning?
The necessary parties (other than yourself and your spouse) involved in estate planning include a knowledgeable attorney, the identity of the people you wish to appoint in your power of attorney, health care surrogate and living will, the personal representative named in your will (or successor trustee if you do a trust), and the beneficiaries of your estate. You will need to appoint people you trust to manage your affairs and make decisions for you, if necessary. Your personal representative will be the person named in your will to administrate your estate after you pass away, and work with the attorney to fulfill a number of duties and responsibilities.
If you name a blood relative as your personal representative, that person can live anywhere. However, if the named personal representative is not a blood relative, then that person must be a resident of Florida. In any event, the person cannot be a convicted felon.
For more information on Reviewing/Updating Your Estate Planning, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (352) 369-0664 today.
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