Why You Should Update Your Estate Plan in New York

Why You Should Update Your Estate Plan in New York

If you already completed your estate plan, it is not done. Do not let your estate plan grow old with your new life’s changes left out. Contact our experienced New York estate planning attorneys to learn how and when to properly modify your estate plan.

Why should I update my estate plan?

If you have created an estate plan and it has not been updated in over three years, it is highly recommended that you take a look at it and consider making modifications. Estate plans should also be reevaluated after particular events occur in your life that can create a change in your life circumstances and needs. The most common events that should cause you to reach out to your estate planning attorney include the following:

  • There is a change in your affection: This indicates that there has been an addition to the family. This can apply to a new child or grandchild. It is essential to update your documents to reflect this change so that your added family members can be included. Additionally, there may be instances where you would like to omit someone from your estate plan, such as after divorce or death. No matter what the circumstances are, it is crucial that your plan is reflective of your current life situation.
  • Executors or trustees become inappropriate: Circumstances change and sometimes the individuals we appointed in our estate plan are not the best fit anymore. For example, they may be unable to complete the tasks as you would like them done, someone else may be a better choice, or someone has aged, moved away, or passed away.
  • Your retirement plan is outdated: One of the greatest mistakes in estate plans is the failure to modernize the beneficiary designations of IRAs, 401(k)s, and other retirement plans.  Beneficiary designations also control who receives annuities, life insurance, some financial accounts, and some other assets. Be sure to review all these forms and amend them if that’s desired.
  • You moved to another state: Because each state has its own estate planning laws, it is important that you update your estate plan instantly after moving to a new place. In some states, there may be deviations in the number of witnesses required in order for a will to be valid, while other states, depending on where you live, may make a spouse inherit a minimum share of the estate.

If any of the above scenarios have occurred, do not hesitate to reach out to our firm to speak with one of our experienced estate planning lawyers. We are dedicated to ensuring that you, your family, 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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