Knowing when to update an estate plan

Knowing when to update an estate plan is important to avoid estate planning errors and problems. Updating an estate plan as life changes is as important as ensuring the estate planner has all the components that an effective estate plan should have in place. As a result, estate planners should be aware of when to update their estate plan and how New York estate planning can help.

As a good rule of thumb, if an estate plan is greater than three years old, the estate planner should review it, update it and ensure it reflects the estate planner's current wishes. In addition, if the estate planner moves to another state, it is important to update an estate plan when they relocate. Estate planning rules, such as those for a will to be valid, can vary by state, so it is essential for estate planners to update their estate plan if they move to another state and ensure it is valid in their new state.

Another important time to update an estate plan is if the relationships in the estate planner's life change. Major life changes such as marriage, divorce or the birth of the child, among others, are important times to update an estate plan. Estate plans should also be updated if it is necessary to make an executor or trustee change, if a retirement beneficiary designation needs to be changed or if the assets and liabilities of the estate planner change.

An estate plan reflects the wishes and desires of the estate planner for how their estate should be distributed and how they want their family and loved ones to be cared for. Because of the importance of an estate plan to provide peace of mind to estate planners and their families, it is beneficial for the estate plan to be comprehensive and to updated regularly to ensure it meets the needs of the estate planner and accomplishes their goals for their estate and its distribution.

No Comments

Leave a comment
Comment Information
FindLaw Network
EMAIL US FOR A RESPONSE

Let’s Talk.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

An Elder Law And Estate Planning Law Firm On Your Side.
Futterman, Lanza & Pasculli, LLP | Elder Law & Estate Planning Law Firm

satellite offices

By Appointment Only

222 East Main Street
Ste 314
Smithtown, NY 11787

Phone: 631-894-4730
Fax: 631-979-9546
Smithtown Law Office Map

13 East Main Street
Bay Shore, NY 11706

Phone: 631-515-5978
Fax: 631-665-9262
Bay Shore Law Office Map

satellite offices
70 East Sunrise Highway
Ste 500
Valley Stream, NY 11581

Phone: 631-894-4730
Map & Directions

33 Flying Point Road
Suites 121/122
Southampton, NY 11968

Phone: 631-894-4730
Map & Directions