What if I Forget to Include Assets in My Estate Plan?

Of course, creating an estate plan is one of, if not the, most useful tools for protecting your assets in the event of your unfortunate passing. But you cannot protect assets that you fail to mention in any of these important legal documents. For this, please continue reading to learn what happens if you forget to include assets in your estate plan and how an experienced Putnam County wills attorney at the Law Office of Andres D. Gil, PLLC, can help you rectify this while you still have the opportunity. 

What happens if I forget to include assets in my New York estate plan?

It is not necessarily detrimental to your estate plan if you forget to include certain assets. However, this means that you lose control over what happens to them at the time of your death. That is, missing asset instructions may complicate and delay the New York State Surrogate’s Court’s probate process. In the end, though, the court may distribute these assets according to the state’s intestacy laws. 

Typically, intestacy prioritizes your surviving spouse, children, and close relatives to inherit these assets. So while these assets may still be passed down to individuals whom you trust and love, it may not go exactly as you would have intended in your own plans. On top of this, certain surviving family members may grow jealous of those who benefit from these assets, which may open up the door for possible rifts in personal relationships and even litigated proceedings. 

What should I do to cover assets I have accidentally forgotten about?

Even if you do not believe you have forgotten about any assets, there may have been one or two that have fallen through the cracks, so to speak. This happens more often than you may realize, as individuals allocate more assets throughout their lifetime than they can think of. So to avoid unnecessary delays in your asset distribution and litigated disputes amongst your loved ones, there are certain measures you can take within your existing estate plan. 

Namely, you may add a residuary clause in your Last Will and Testament document. This is a legal provision in which you may instruct that any remaining assets not specifically mentioned in the will shall be distributed to a specific beneficiary. Or, if you remember the exact asset you missed, you may update your will through a codicil. As a rule of thumb, you should review and update this document every few years, especially when you have newly acquired assets. 

If you are ready to improve your existing estate plan, please reach out to a skilled estate planning attorney in Putnam County. Even if you did not use the Law Office of Andres D. Gil, PLLC for your initial estate planning, we will be happy to step in for this follow-up.