Have you reflected on all your new beginnings? We’ve covered some of the more common reasons to update your estate plan, but a lot can happen in a year. Have you made the time to take stock of all your new beginnings (or endings)? Over time, it’s difficult to keep track of all the changes that can happen in your life and you may not know how those changes have an immediate effect on your established estate plan. Here are some reasons it’s important to keep your estate plan up-to-date this year.
Changes in Relationships
We’ve discussed why it’s important to be very selective about who has power of attorney in your estate plan. Has your relationship with your appointed power of attorney changed? Additional relationships that may need revisiting include the executor of your will, your beneficiaries, as well as medical and financial power of attorney. It’s a hard truth that some relationships deteriorate, but it’s important that your estate plan includes trustworthy stakeholders.
New Family Members
Have you had a new addition to your family? You may want to include new family members in your estate plan for the betterment of their future. Including new beneficiaries may be important to prevent potential future challenges to the estate. Challenging a will is not always an easy process but making these considerations will make executing your last wishes easier for your estate.
If your passing leaves behind dependents previously under your guardianship, consider who you would trust to care for your loved ones. Does your estate adequately cover the needs of your children, spouse, or additional dependents?
Major Purchases
Making large purchases or investments is an excellent reason to update your estate plan. Asset management is an essential part of estate planning. Any major addition such as a purchase of a car, property, or building an investment portfolio warrants an update regardless of the time of year. If you plan to add assets every year long-term, it’s wise to schedule regular updates.
Change of Heart
There is nothing wrong with updating your estate plan for no reason other than feeling that it’s the best thing for you and your estate. It’s common for attitudes to change over time. You can change the terms of your estate at any time for any reason unless you have an irrevocable trust or another plan that has legal restrictions on making changes.
If you’re ready to update your estate plan for any reason or would like to seek the expert advice of an attorney to build an estate plan from the ground up, the attorneys at Ledwidge & Associates, P.C. can assist you.
Get in touch with us at 718-276-6656 or contact us on our website for all of your estate planning needs.
Ledwidge & Associates
