New York residents have a lot to consider when working on estate plans. You have to decide how to divide and distribute your assets. You need an executor to carry your will out. It is natural that your wants and needs may change over the years too. What do you do when that happens?
Forbes discusses reasons to update your estate plan. First, they point out that you do not need to wait for any particular time or reason to make changes. You can update your estate plan at any time. Updating your plan gives you a chance to review everything and you may find that you want to change or add to aspects of your plan that you previously did not consider.
Changing life circumstances lead to estate plan edits
The most common reasons to update an estate plan involve major life changes. An example includes changes to your family structure. Let us say you divorce a spouse. Chances are you do not want this spouse inheriting your property. Likewise, let us say you marry someone or adopt a child. You may want them to receive part of your assets, as well as choose a guardian for your child in case of emergency.
Financial changes make up another reason to update. Have you lost money in recent times? Did you go into debt or have to file for bankruptcy? What about the other end of the spectrum? Have you received an inheritance? Did you come into money? If so, you want your estate plan to reflect this in an accurate way.
It is important to ensure that your estate plan aligns with your current wishes. Do not create it and forget about it. Revise it as often as you must.