The estate planning process is not something you do once and then forget about for the rest of your life. Numerous factors can change, from your relationships to your financial situation. Along the way, your priorities might begin to diverge from what you established in your will, trust, or other planning tool.
Updating an estate plan in Melville can be beneficial, especially after a major life event. From divorcing to having a child, these are the moments when you are most likely to see your priorities shift. A dedicated estate planning lawyer could assist you with this process.
In general, it is recommended to review the details of an estate plan on a regular basis. Some people choose to evaluate these documents once a year to ensure they are still sufficient. It is also crucial to re-consider your plan after any major life change. Several circumstances might prompt you to update your estate plan.
Changes in a marriage are one of the most common reasons to alter the terms of a plan. Most people do not want their former spouse to remain their beneficiary, and some may want to add a new spouse or partner.
Just like with divorce or remarriage, the addition of new children in the family is likely to change a person’s wishes for their property. Updating a Melville estate plan can help ensure that a person’s intentions are clear and that their loved ones are cared for in the future.
Part of the estate planning process involves appointing someone to act as a trustee or executor of the estate. However, it might become apparent at some point that they are not the right choice, whether due to personal conflict or incapacity. In these cases, updating an estate plan might involve changing a trustee or executor.
There are also other types of life changes that may require you to update your estate plan, such as financial circumstances or the death of a loved one. A lawyer could review your case and help you execute your desired changes to ensure your estate plan is aligned with your wishes.
An estate plan is not a single document but a collection of tools that work together. Each one is unique, which means there is no uniform way to update them. The process for updating each part may look different. For example, changing a last will and testament requires the same level of formality as when you first created it. This often involves creating an entirely new will that reflects all of the necessary changes. A new will typically replaces the old one, even if much of the language is exactly the same.
Changes to other tools like life insurance policies or payable-on-death accounts might not be as complex, but there are still legal processes that must be followed. This usually involves completing paperwork or forms that confirm your beneficiary information has changed or certain assets are no longer included.
One of the benefits of working with a Melville attorney is that they can assist with updating an estate plan. In addition to determining the right course of action, they can provide guidance on how each document or estate planning tool can be modified or replaced. Additionally, at Tully Law Group, PC, we offer a client care program with an annual membership fee that covers these updates.
Updating an estate plan in Melville regularly is essential to ensuring your wishes are upheld. This is especially true if you have experienced a major life event like a marriage or divorce. A dedicated attorney could assist you with reviewing your plan and identifying any necessary changes. Schedule a consultation with the legal team at Tully Law Group, PC, today.
