×

Why is it Important to Review My Estate Plan in the New Year?

Why is it Important to Review My Estate Plan in the New Year?

A new year can bring many new changes to a person’s life. Whether they may be positive or negative changes, these life moments can impact a person in significant ways. It is because of this that it is imperative that these changes are reflected in an individual’s estate plan. While it can seem inconvenient to have to go through the process of updating your estate plan or even creating one for the first time, it is crucial that you have a plan for your assets. This ensures they have a clear path to be passed down to loved ones when your life is over. When updating an estate plan, it can be beneficial to retain the services of an experienced New York estate planning attorney to ensure everything is done correctly and no mistakes are made.

Why Should I Review My Estate Plan?

Life never stays the same from the beginning to its end. People acquire assets and experience different life changes, both big and small. This may be due to an addition to the family, having a child, a grandchild, or adopting a child. Many individuals experience marriage as well, bringing another person into their lives and future plans. It is important that these individuals are added to an estate plan. 

In addition to this, there are many people that experience great losses from year to year. This can include the loss of a job, a family member, or even going through a divorce. While unfortunate, it is important that these changes are reflected by removing these assets or an individual from an estate plan. This is because the goal of an estate plan is to outline your intentions for your assets and their future. When a plan is not updated, it can present problems in the future when it is time to administer the plan.

What Should I Ensure my Plan Includes?

Creating or updating an estate plan can be difficult as there are many different parts. It is because of this that mistakes can be made, such as forgetting to name an executor. This is the person whose job it is to carry out the deceased’s final wishes by administering the estate. In addition to this, the individual making the plan may want to incorporate various trusts for their beneficiaries depending on their situations. When a parent wants to ensure the safety of their child’s future, they can appoint a trusted guardian to care for them in the event that they are no longer around to do so themselves. It can be difficult to remember all of these aspects, which is why it is important to seek help from a skilled attorney. 

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.

Read Our Latest Blogs