Have you revisited your estate plan in New York?

On Behalf of | Mar 29, 2022 | Estate Planning |

Estate planning is an important process that involves making decisions about how your assets will be managed and distributed after your death. However, estate planning is not a one-time event. You should review and update your estate plan when the following events occur.

You get new children, grandchildren or other beneficiaries

As time goes by, you may have new additions to your family whom you want to provide for in your estate plan. If you have a will, you can add them as beneficiaries. You can also create or update trusts to manage assets for them. If you have young children, it’s especially important to have an up-to-date estate plan so that they can have an active guardian in the event of your death.

You get married or divorced

Your estate plan should always reflect your current marital status. If you don’t, your spouse may automatically inherit some of your assets unless you have a prenuptial agreement or another legal arrangement in place. If you don’t want your ex-spouse to inherit your assets, you’ll need to update your estate plan.

You move to a new state

If you’ve moved to a new state, your estate plan may no longer be valid. Each state has its own laws governing wills and trusts, so it’s important to make sure your documents comply with the laws of your new state. You may also want to consider changing your beneficiary designations on life insurance policies and retirement accounts.

Estate planning laws change

The laws governing wills, trusts and estate taxes are constantly changing. For instance, the federal estate tax exemption can change at any time depending on the laws being passed. If there have been any changes in the estate planning laws that could affect your documents, it’s important to revisit your estate plan and update it accordingly.

If any of these life events have occurred, it’s time to revisit your estate plan and make sure it still meets your needs. If you don’t have an estate plan, now is the perfect time to create one. You don’t want your loved ones to have to deal with the added stress of figuring out your wishes after you’re gone.