People who have spent most of their lives in the colder North may want to retire in Florida. The warmer climate can be beneficial for people with an assortment of different medical challenges. Additionally, many communities have infrastructure that is useful for older adults.
Those who relocate to Florida during their golden years often need to make some changes to their estate plans. Revising existing documents is important for those who want to ensure their comfort as they age and their legacy after they die. The following are some of the most common reasons that people need to review an estate plan after relocating to Florida.
Certain terms aren’t enforceable in Florida
Most states allow probate court judges to enforce no-contest clauses during estate administration. Also known as penalty clauses, these common inclusions in modern wills punish individuals who bring unnecessary litigation against an estate. According to state law in Florida, the courts cannot enforce a penalty clause regardless of the circumstances. People may want to rework their estate plans in consideration of that unique statute.
Their assets have likely changed
An estate plan needs to properly address the high-value resources of an individual. If someone previously lived in New Jersey or Minnesota relocates to Florida, they have likely sold their most valuable asset. Updating the estate plan to include Florida-based assets and remove assets liquidated before relocating can prevent that will challenges based on the documents being outdated.
Their support needs may change
People who created estate plans to protect their children or establish a legacy earlier in life may need to address completely different concerns as they prepare for retirement. Perhaps they need to integrate plans to help them qualify for Medicaid. Maybe they never created powers of attorney previously but now need to address the very real possibility of long-term incapacitation in the future. Those preparing for retirement have unique financial and support needs that they need to address.
Taking the time to review and update an estate plan after relocating to Florida can be beneficial for retiring individuals and the people who love them. Those who examine and update their estate plans can feel more confident about their protection in the event of an emergency and their legacy overall.
