Why is it Important to Review My Estate Plan in the New Year?

Why is it Important to Review My Estate Plan in the New Year?

Throughout a person’s life, they often experience many changes that impact their future significantly. It is important that these moments are reflected in the individual’s estate plan. While excuses are often made about not finding the time to do so, the beginning of a new year is the perfect time to make these changes. It can seem inconvenient, however, it is crucial to ensure that assets and loved ones are protected. When updating an estate plan, it is beneficial to retain the services of an experienced New York estate planning attorney to make sure no mistakes made during the process. 

Why Should I Review My Estate Plan?

People experience many great changes in their life. This can be positive, such as an addition to a family. This may be a child, grandchild, adoption, or even marriage. It can also be financial,  including a job promotion or receiving an inheritance. On the other hand, people also experience great losses in their life. This can be a family member, a job, or a marriage through divorce. 

When these changes occur, they should be shown in an estate plan. This can include adding or removing people or assets from them. The goal of a comprehensive estate plan is to ensure the intentions of the deceased were outlined properly so that the document can be administered without trouble when the time comes. In the event that the estate plan is not updated accordingly throughout a person’s life, difficulties can arise during its administration. 

What Should I Include in My Estate Plan?

There are several parts of an estate plan that can be difficult to remember. For example, the plan should have an executor to carry out the final wishes of the deceased the way they intended. In addition to this, the individual who created the estate may have loved ones with specific needs that call for a specific trust to be made. These can vary depending on their personal situation. If the individual is a parent who wants to protect their children in the future, they may wish to designate a trusted guardian. This person can be in place to care for the children in the event that their parents cannot do so one day. These are all crucial parts of creating or updating an estate plan, which is why it is beneficial to have the guidance of an estate planning attorney so that nothing is forgotten.

Contact our Firm

If you or a loved one needs assistance creating an estate plan and wish to speak with an experienced attorney, contact the Law Office of Andres D. Gil, PLLC today.

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