Another successor trustee may need to be appointed due to the inability of the spouse to serve or to accommodate a change in who receives the estate upon the surviving spouse’s death.
Estate documents should generally be updated to reflect this change in either natural birth or adoption situations.
Reminisce: Remember to look back at your initial business plan at least once a year. Maybe your customers are purchasing one particular product or service more than others.
And, of course, one must always look at new industry trends – this in itself can have a positive or even devastating effect on a business.
I was recently engaging in some “shop talk” with a colleague who is an outstanding divorce attorney about the need for updating estate plans in Florida following a divorce.
Like the wind, life changes often occur and when this happens, your as well as changes in the beneficiaries upon death and the change may require removal of the former spouse’s beneficiaries.