Estate plans involve several types of documents. Depending on your situation and your goals, your plan may include a will, trust, and powers of attorney, amongst other documents. Updating an estate plan in Riverhead requires diligence and careful planning.
When life changes, so should your estate plan. An experienced estate planning attorney could provide support when making these changes to your life and legacy plans. With their help and guidance, you can approach changes to your estate plan with confidence.
While updating an estate plan every three to five years is a general rule of thumb in Riverhead, major life changes may require updates sooner or more frequently. Examples of life-changing events include the birth or adoption of a child or grandchild, changes to marital status, illness or disability, major financial changes, and the death of a family member. In other words, major life changes are any occurrences that implicate beneficiaries, assets, and representatives.
The birth or adoption of a child is a joyous occasion that also requires planning for the future. Both parents and grandparents should make sure their wishes for guardianship and inheritance are accurately reflected in their estate plans.
Marriages, divorces, and separations are life-changing events that call for an estate plan review. Individuals should be sure their plan reflects their relationship status and any modifications to beneficiaries, powers of attorneys, and personal representatives.
Illness or disability in the family may mean adding life care planning or special needs planning to a person’s estate plan. Securing assets for both the individual and their heirs can become crucial in these situations and may require tailored legal assistance.
Financial changes like receiving a large inheritance or obtaining a significant asset may require estate planning changes. Individuals should secure their assets during their lifetime and after their passing.
The death of a spouse, child, grandchild, or beneficiary will typically require updating an estate plan. While a comprehensive plan will often account for these situations, making updates after a death occurs can help ensure a person’s wishes are properly fulfilled.
If you have experienced a major life change and need to update your estate plan, our team is ready to help.
Whether it is time for a regular update or a life-changing event has happened, preparation and planning are key to successfully making changes to one’s estate plan. Before updating an estate plan, individuals in Riverhead should take the time to review their current plan and note any changes to their wishes.
After noting any discrepancies or desired changes, a person should gather all critical information and documents related to their assets and beneficiaries. Important documents include:
Having a complete list of assets and beneficiaries can help make the updating process go smoothly.
Once you have gathered this information, a lawyer can review the current estate plan and help you implement the changes. Additionally, they may offer various solutions and strategies to meet your goals, needs, and wishes.
Updating an estate plan in Riverhead requires careful thought and execution. Tully Law Group, PC offers comprehensive life and estate planning services. Our attorneys help residents create a plan that fits their needs and objectives.
We know that life can change quickly, so making the necessary changes to your plans is crucial. That is why we offer a client care program with an annual membership fee that includes coverage for these updates.
Our team is ready to assist you with updating your estate plan. Call us today for a consultation.
