Estate planning is an important part of managing your money, communicating your wishes and protecting your possessions. However, creating this plan isn’t a one-time event. You need to keep your estate plan up-to-date to ensure that it reflects where you are in life. What life events could be a reason to change your plan?
Marriage or divorce can change how you want your assets to be distributed
When you get married, you might need to add your spouse to your will and trusts. If you get divorced, you should take your ex-spouse out of your estate documents so they do not get anything you do not want them to.
Welcoming a new child into your family can mean new beneficiaries
When you have a new child, either by birth or adoption, you need to update your estate plan right away. You should name a guardian for your young children to ensure that someone you trust will care for them. You should also name them as a beneficiary or set up trusts to make sure your child’s future is secure.
Significant changes to your finances require changes to your plan
If you buy a house, start a business or acquire other valuable assets, you should change your estate plan to make sure it protects those assets. You should also update your plan to reflect increases or decreases in your income.
Moving to a new state means adhering to new estate laws
If you move to New York, your estate plan might need changes because of different state laws and taxes. Make sure your plan follows New York’s rules to avoid problems.
Retiring brings changes to more than just your daily schedule
When you retire, your financial situation changes, so you need to look at your estate plan again. Planning for long-term care and Medicaid is important in New York and should be part of your plan.
Updating your plan helps you achieve your goals
Estate planning is something you need to keep updating as your life changes. Keeping it current makes sure your wishes are followed and your family has the care and financial support they need.
Talking to experienced lawyers in New York can help make sure your estate plan is complete and up-to-date. If you have gone through any of these life changes, reach out to our firm for personalized advice and help you update your estate plan to fit your needs.