Estate planning is a task people tend to put off. However, once your will and other estate documents are in place, you may not think about them again for a long time. Major life changes should trigger an estate plan review.
Protect your loved ones by keeping the information current.
Update Your Estate Plan After a New Baby
Expecting your first child might be the life event that makes you realize the importance of creating a will. Besides naming the child as a beneficiary, it’s a good time to document who their guardian would be if something happened to you and your spouse. Creating an estate plan or will is especially important for new parents.
Change in Marital Status Merits an Estate Review
Is your ex-spouse still listed as a beneficiary? This is just one example of when outdated estate documents could create problems for your family after you’re gone. Marriage, divorce, the death of your spouse, and the marriage of your children are all excellent reasons to review and update your estate documents.
Windfall: a Time to Review Your Estate
Suppose there is a significant increase in the value of your estate. In that case, you will want to make the necessary changes to minimize the tax implications for both your estate and its beneficiaries.
Update Your Estate When You Realize There’s an Irresponsible Beneficiary
If a beneficiary were to become financially irresponsible due to substance abuse, you might consider moving their portion of your estate into a trust. A third-party trust administrator can help the beneficiary make fiscally sound decisions.
Albany Estate Planning Lawyers
In general, you should review your will every few years. Not only does your life change, but estate laws also change. It’s essential to make sure your estate plan changes with the times. Our Albany estate planning lawyers are here to help!
