Most people create an estate plan at some point in life to prepare for what will happen to their loved ones and assets when they are no longer alive or when they are incapacitated. Sometimes, estate plans are created or updated in response to changes to the individual’s circumstances.
Here are three circumstances when you should consider updating your New York estate plan.
- When there are changes to beneficiaries
It is important that you update your estate plan should you decide to change your beneficiaries. It is also important that you update your plan if you wish to remove a beneficiary. As soon as you revise your plan, consider alerting providers such as your retirement plan provider to avoid any confusion down the road. If any of the beneficiaries have passed on or is incapacitated, be sure to update your estate plan to include any new beneficiaries or redistribute your assets to the remaining beneficiaries.
- When there are changes in your taxes or assets
If you have recently moved from another state to New York, you need to review your estate plan to ensure it complies with the state’s laws and statutes. Even if you have not changed states, tax laws are always changing and it is important that your estate plan is compliant with existing laws. A change in your assets can also impact your taxes. Thus, if your assets have changed significantly over time, be sure to take a look at your estate plans to include any new assets.
- When you have entered into a marriage or divorce
Changes to family dynamics and composition happens all the time. And when this happens, it is important that you update your estate plan to reflect these changes. For instance, if you have recently tied the knot, it is important that you update your estate plan to include your new spouse. Likewise, if you have recently divorced, be sure to revise your estate plan to exclude your former spouse.
There are many reasons why you would want to revise your estate plan in New York. No matter your reason, an experienced estate planning attorney will ensure that all your updates are valid and that your revised estate plan is compliant with New York estate planning laws.