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Why Should I Review My Estate Plan for the New Year?

Life changes often, and so should your estate plan. Reach out to our experienced Putnam County estate planning attorneys today to learn more about how we can help you plan for the future.

What aspects of my estate plan may need revising?

It is important that we plan for the future. Life can be unexpected, and one year can be completely different than the next. That is why it is recommended that you revise your estate plan to reflect life’s changes. Below is a list of various scenarios and aspects of your estate plan that may need updating. They are as follows:

  • A new child in the family: In the event that you or your children newly birthed or adopted a child, you may want to revisit your estate plan to ensure asset distribution better mirrors your newly-expanded family when the time comes.
  • One of your beneficiaries has predeceased you: On the other hand, if one of your beneficiaries has recently passed away, you should change your estate plan to match this change. If you pass away and certain assets are still set to go to someone who is already deceased, it can result in serious confusion amongst your family.
  • You recently had a child and wish to appoint a guardian: If you just had a child, this part of your estate plan should be of the highest priority. If you were to pass away while your child is still a minor, wouldn’t you prefer to choose a party you know and trust to care for and raise your child as you would have? If you do not select a guardian, this decision will most likely be made by the court.
  • You were recently married (or divorced): Marriage and divorce play a massive role in estate plans. For instance, if you recently divorced and you were to pass away while your former spouse is still a beneficiary of your will, he or she will most likely get those assets.
  • Tax laws have changed: Even something as ordinary as a change in the tax law in New York can be a good cause for retaining the services of an attorney to check your estate plan to ensure everything is balanced.

If you would like to know more about why you should update your estate plan in the New Year, reach out to our skilled firm today. With the help of one of our Putnam County estate planning attorneys, you can ensure you obtain the legal support you need to ensure that you and your future are protected.

Contact our Firm

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

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