Your life is always changing left and right, so it’s important that you keep up with these everyday changes. This includes updating your estate plan and making sure that it addresses all your specific needs and wants.
1. There’s an Addition to the Family
Whether it’s through a new marriage or having a new child, this would be a good reason to update your estate plan. You might want to provide for this new person in the family and give them your estate. If you remarried, you may consider making sure your children from the previous marriage or new step children are taken care of in your estate plan.
2. You Got Divorced
Often times in your estate plan, your former spouse is your beneficiary. You may want to change that especially if you decide to remarry. After your divorce is finalized, it is best to update your estate plan according to your circumstances.
3. There was a Death in the Family
If you have a loss in the family and they happened to be a beneficiary, then you would have to change your estate plan accordingly.
4. It has Been a Long Time
The greater the passage of time, the more things change including your goals. As your goals change your intentions with your estate plan would also change. You may want to distribute your assets differently than you previously planned to. You would then need to review and update your estate plan
based on your new needs.
5. You or a Loved One Got Injured or Hurt
You or a family member may get very ill and this may change your situation. You may want to shift the distribution of assets to help provide for their increased financial needs.
6. Your Assets have Changed
Whether you inherit money, loose assets, or buy/sell a business, these factors cause major changes in your assets. These changes in assets may influence how you want to deal with them and bring you to revise your estate plan.
7. You Moved to a Different State
Each state has different laws and regulations. Moving to a new state can affect your estate plan if it does not meet its requirements. This includes moving from a common law state to a community property state.
8. You Want a New Attorney
The relationship between you and your attorney may change over time so you may want to edit or replace this attorney with someone else. If this applies to you, then you may want to change that.
9. The Tax Laws Changed
Laws are constantly changing. The more time has passed, the more likely laws and regulations have changed. It is best to revise your estate plan and see how the change in tax laws have affected your estate plan.
10. You want to Add New Beneficiaries
After establishing your estate plan, you may find that you want to add or delete beneficiaries from it. This may include people, charities, or organizations. This would be a good reason to bring your estate plan up to date.
Life is always changing, so it’s important to revise and keep your estate plan updated. At the Law Office of Inna Fershteyn, we want to help you and your family take control and prepare for any changes that may come along the way. For more information call us at (718) 333-2394
or visit our website BrooklynTrustandWill.com