If you already have an estate plan crafted, your work is still not done. It is important to understand that estate plans must evolve according to all major life changes to ensure that your needs can be carried out exactly as you wish. Contact an experienced New York estate planning attorney to discuss your options for your estate plan modifications.

Why should I update my estate plan?

Typically, if your estate plan is older than three years, you will likely need to reexamine it. Estate plans should also be reviewed when specific events occur in your life. This is because these events can create a change in your life circumstances and needs. Below are some of the most common events that should cause you to reach out to your estate planning attorney:

  • You moved to another state: Because each state has its own estate planning laws, it is critical that you update your estate plan immediately after moving to a new place. In some states, there may be differences in the number of witnesses required in order for a will to be valid, while other states may require that a spouse inherit a minimum share of estate depending on the state you live in.
  • There is a change in your affection: This usually is indicative of an addition to the family. This can refer to a new child or grandchild. It is important to update your estate plan documents to reflect this change so that your added family members can be included. There also may be instances where you would like to omit someone from your estate plan, as a result of a divorce or death, for example. No matter what the circumstances are, it is imperative that your estate plan is reflective of your current life situation.
  • Executors or trustees become inappropriate: As stated above, circumstances change and sometimes the individuals we appointed in our estate plan are not the best fit. For example, they may be unable to perform the jobs 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  • Your retirement plan is outdated: One of the biggest mistakes in estate plans is the failure to update the beneficiary designations of IRAs, 401(k)s, and other retirement plans.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.

Contact our Firm

The Lauterbach Law Firm is proud to serve clients throughout Rockland County who are faced with legal matters related to estate planning, real estate, foreclosure defense, landlord-tenant law, business law, and criminal defense. If you require the services of an experienced team of attorneys, contact The Lauterbach Law Firm today to schedule a consultation.