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Why it is important to review your estate plan

Florida residents may not like the thought of reviewing their estate plans; for many people, thinking about their deaths isn’t a pleasant experience. However, failing to review an estate plan could result in gaps that make it harder for a person to have his or her final instructions carried out. By reviewing an estate plan regularly, individuals can be sure that their beneficiary designations are up to date.

Reviewing an estate plan can reduce the odds of family infighting as well by determining who gets to claim ownership of family heirlooms. These heirlooms could include anything from an engagement ring to an art collection. While reviewing an estate plan, a person should also review any life insurance policy that he or she has. Doing so can reduce the chances that the policy lapses or otherwise no longer meets a person’s needs.

One of the best reasons to review an estate plan has to do with the recent change to the tax code. The federal estate tax exemption is currently $11.2 million, and many estate plans aren’t created to handle the current exemption level. However, it is important to understand that the current exemption level is scheduled to change again in 2025 if no additional action is taken.

The loss of a loved one can be an emotional event no matter how or when it occurs. However, an individual may be able to ease the pain somewhat by having a coherent estate plan. This may make it possible for assets to be distributed in a timely and predictable manner, which allows family members to focus on the healing process as opposed to the probate process. An attorney may assist in creating wills, trusts or other estate planning documents.

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