Video Summary
When should I update my Will, Trust or other estate planning documents? You should update those when there’s a change in circumstances. Some of the circumstances would be in the event that you have more grandchildren or you have a problem with the death of one of the beneficiaries, a death of a child, the circumstance of one of the beneficiary changes, such as if they have a dependency problem or you need to set up a special needs trust for them or the circumstances of the beneficiary. Also, if you relocate to another state, well, you will want to have the Trust reviewed to see if it complies with the Florida law and have it controlled by the state where you are now residing. One of the big things that you need to look at your Trust is when it was set up, what the tax laws were. Many of the older Trusts have a provision to try and take advantage of the unified tax credit so that they split it up into two Trusts, a marital Trust and a credit shelter Trust. Well, now they’ve raised the estate tax limitations of approximately $14 million, which eliminates the problem of having to have two Trusts to take advantage of the credit shelter, and it can have some ramifications as far as how the credit shelter is dispersed to the spouse. So, these are some of the reasons why you want to look at your will or trust because of the change in circumstances if you lose a spouse, would be another one. Death of beneficiaries. If you have any questions, give me a call at (727) 847-2288.