Is Your Estate Plan a Hit or a Miss?

Hit the mark. Miss the boat. The words “hit” and “miss” are used in a number of colloquialisms and idioms. The phrase “a hit or a miss” suggests a random, haphazard approach – which is certainly not how you need to do your estate planning! When considering whether your estate plan is a hit or a miss, ask the following questions:

Does my estate plan meet my estate planning goals?

Most people have some goals in mind when they meet with an estate planning attorney. If they don’t know what they need, the attorney can offer advice based on an analysis of their circumstances.

Some of the more common estate planning goals include:

• Providing for an orderly distribution of earthly assets;
• Supporting loved ones,
• Reducing taxes,
• Protecting assets for heirs, and
• Leaving a legacy.

These seem like pretty important reasons to have your estate plan handled by a qualified Florida estate planning attorney. Having a “hit or a miss” attitude when planning your estate may lead to a plan that misses the mark.

Is there some reason my estate plan needs to be reviewed?

There are times when you need to dust off your estate planning documents and make sure they still fit. If you have experienced any major life events, there’s a good chance the plans that were good several  years ago now are more of a near miss than a focused strategy.

The following types of events may trigger the need for an estate plan review:

• Marriage or divorce, both yours and anyone else with an interest in your estate;
• Birth of a child or grandchild;
• Death of a spouse, a child, or anyone listed as an agent or personal representative of you or your estate;
• Increase or decrease in your net worth, which may lead to changes in your estate planning strategies.

Find Out Whether Your Estate Plan Is a Hit or a Miss

Estate plans affect you and your family’s future. They are just too important to be handled in an offhand, aimless way.

Attorney John Mangan is board certified in Wills, Trusts & Estates by the Florida Bar. Please call us at 772-324-9050 or use our Contact Form to set up an appointment. We help clients throughout Florida, including Stuart, Palm City, Hobe Sound, Jupiter, and Port St. Lucie.