An outdated estate plan often times creates more problems than it solves when the time comes to probate the estate. To ensure that your estate plan is accurate and current you should take the time to review your plan at regular intervals. At Oakstone Law, we incorporate an annual review into all of our estate planning packages. In addition, there are several life events that should trigger an estate plan update.
Marriage – your own marriage will require you to add your spouse to your plan. The marriage of a beneficiary may also dictate a change in your plan.
Divorce – as soon as you’ve made the decision to divorce you should likely update your estate plan so your soon-to-be ex-spouse does not remain a beneficiary in your plan.
Birth – future born beneficiaries can be included in a plan without more detail; however, once born it is best to add in those details.
Death – the death of a beneficiary calls for a review as does the death of an Executor, Trustee, Guardian, or anyone else named to an important position in your plan.
Move out of State – because wills, trusts, and estates are governed by state law you should always have your plan reviewed if you move to a new state.
Major Asset Change – small changes and fluctuations should be accounted for in your existing plan; however, a major change in your assets and/or estate value calls for an update.
New Business – if you start a business you need to include business succession planning in your estate plan.
Changes in the Law – a major change in the law could impact your plan.
About Oakstone Law, PL
Oakstone Law PL was founded by Bob Kleinknecht. A member of the Florida Family Trust Company Subcommittee, the Estate Tax & Trust Planning (ETTP) Committee and the Real Property, Probate & Trust Law (RPPTL) Section of the Florida Bar, Kleinknecht has 15 years’ experience.
Prior to founding Oakstone law, he spent more than eight years serving as a personal, in-house estate, tax and charitable planning attorney for a Forbes 400 family in New York and Florida. Before that he was an estate planning and estate settlement attorney with prominent firms in Boston and Washington, D.C. after beginning his career with a boutique firm in Naples, Florida.
Licensed in Florida and Massachusetts, Kleinknecht has developed a practice model that eliminates billing by the hour and offers a streamlined, customized client process supported by technology, security and a personal approach.