Estate Planning Update: How to Do It and When
Having an estate plan in place is one of the most important things you can do to ensure that your wishes are carried out and that your loved ones are taken care of after you’re gone. Some people think of estate planning as a one-time endeavor that does not require any additional reviews or revisions. However, there are many reasons why you may need to consult a Brooklyn estate planning lawyer to update your will or trust.
Here are common reasons you may need may need an estate planning update and how an estate planning attorney can help.
Reasons for an Estate Planning Update
One common reason to update your estate plan is if you have moved to another state because estate planning laws vary from state one to the next. Major relationship changes, such as a divorce, new marriage, estrangement, or becoming widowed, also warrant an estate planning update for many people and in many situations.
You may also want to update your will or trust if you have recently taken up a new hobby or collection, especially if it is rare or expensive. This way, you can specify who you want your valuable artwork, sports cards, stamps, or other collectibles to go to after your death. Consult your estate planning attorney in Brooklyn if you have a substantial change in your assets or if you no longer feel that you can trust or rely on the current trustee or executor of your estate.
Other life changes to keep in mind when reviewing current estate planning documents include births of children and grandchildren, a spouse’s illness or disability, the purchase of a home or other large asset, career changes, and any big shifts in state or federal laws that govern investments and taxes.
When to Update Your Estate Planning Documents
The short answer to when you need an estate planning update is as soon as possible. Since we never know what the future holds, it is imperative that estate updates are done in a timely manner. As soon as a significant life change occurs, such as the ones mentioned above, contact your Brooklyn estate planning lawyer to discuss the next steps to updating and revising the documents you previously established.
How to Update Your Estate Planning Lawyer
Because it isn’t as simple as writing a quick note, it is important to follow the right steps to make sure your final wishes are intact when your family and loved ones are handling your legal matters. Personally updating your own estate planning documents without the proper knowledge and experience can result in oversights and errors that you may regret in the future. That’s why it is recommended to entrust estate planning updates to a professional who can ensure that your wishes are explicitly clear in the language used and that the documents are filed in the proper way.
Under New York law, a will can be modified or revoked at any time. And in order to make changes, you can either make a codicil or amendment to your existing will or revoke your previous will and create a new one. These are important things to remember as you go about your life and experience changes along the way.
Alatsas Law Firm specializes in estate planning and estate planning updates in New York, and we can help you make the changes you need for peace of mind. Contact us or start a chat with us on our website to ask any questions or schedule an appointment.