What is a planning horizon? Why is this important for Estate Planning?
A planning horizon is a timeframe that is useful for people to think about how long their estate planning documents are good for. For most people, a reasonable timeline, in my opinion, is three to five years is a reasonable planning horizon.
In my experience, I believe your estate planning documents are as good as long as:
1. Your documents describe your intent on disposition your intent accurately.
2. They describe your life situation accurately, as well as the people that are present in your life.
3. They are consistent and compliant with the existing state laws and statutes.
4. They are consistent and compliant with federal statutes and tax laws.
After three to five years, you should probably re-look at your instruments and make sure they are relevant to your life. This means that your fiduciaries (personal representative, agent under your financial durable power of attorney, healthcare surrogate, preneed guardian nominee, and designation of Bodily remains agent) is still who you would like them to be.
Ask a Question
If you have a general question that you would like answered by a Florida Estate Planning and Administration Attorney, please use the contact form to send Shawn a question. As long as it is general (and not too specific to your unique situation), Shawn will answer these questions in the form of a Frequently Asked Question to help you but also help others in our community.
Shawn can not offer legal advice in this format. He can only provide general information that you may find helpful. You should call an attorney and seek legal advice if you need specific legal advice.
Give us a call. We can help.
Law Office of Shawn C. Newman, P.A.
710 Northeast 26th Street
Wilton Manors, FL 33305-1238
Phone: (954) 563-9160
Serving all of the greater Fort Lauderdale area and Broward, Palm Beach, and Miami-Dade counties in Southern Florida.
