Estate Planning

Keeping Guardianship and Beneficiary Designations Updated

By David M. Goldman

There are many times to update a Florida Will. Most updates are centered around significant life events like a wedding, divorce, new child, death in the family, or even moving to a new state.

Two of the most important things to change in a will are the designations for guardians of minor children and the beneficiaries of your estate or heirs. While Florida law provides that an ex spouse will not be an heir under a will that was created prior to the divorce, the law is not so kind when it comes to assets that do not pass through the probate system such as life insurance or retirement accounts.

All to often Florida Estate Planning Lawyers see cases of Florida Probate where a 401K or other contractual asset was never updated after a divorce. Because these assets are often designed to replace income that is lost, an improper designation can create a financial hardship for the decedent's family.

With the recent drop in home values, the stock market, and retirement accounts, it is more important than ever to review your beneficiary designations and how funds will be distributed under your Florida Will.

If you have selected a friend of the family to be a guardian of your minor child, the state of Florida requires that a non-relative be a Florida resident. This is a major reason to update your will when you move to Florida.

If you have gone through a life changing event in the past few years and have not updated your Florida Estate Planning Documents you should Contact a Florida Estate Planning Lawyer.

Full post as published by Florida Estate Planning Lawyer Blog on April 27, 2009 (boomark / email).