If you are getting older and already have an estate plan in place, you may think you are prepared for whatever is coming. However, depending on your circumstances, it may be time to review your estate plan to ensure it does everything you need (or want) it to do. Here are five reasons to review your estate plan:

  1. The state of your assets has changed
    • One of the biggest reasons to review your estate plan is that the assets in your estate have changed significantly. You may have sold a house that you included in your will, for example, or your estate may not mention bank or investment accounts you opened up recently. If you do not address these changes, it can lead to headaches when it comes time to divide up your estate.
  2. Your relationship with your heirs has changed
    • As time goes on, people’s relationships tend to change. You may meet new people that you may decide you want to include in your will, or you may have a falling out with a family member that you now wish to exclude from your estate. If you fail to reflect this in your estate plan, you may find your heirs do not receive what you would want them to receive.
  3. You want to rethink your executors or trustees
    • Your estate’s executor plays an essential role in ensuring your will is carried out, and trustees are critical to managing any assets you have placed in a trust. Thus, ensuring they are people you can entrust with that kind of responsibility is essential. That is why you should review your estate plan, and make sure all of your designated executors and trustees are people you want in those positions.
  4. Your wishes respecting your care have changed
    • Any complete estate plan will have advance directives determining how you wish to be cared for if you cannot care for yourself. However, your idea of how you might wish to be treated might have changed since you last went over your estate plan. Reviewing it, therefore, can give you an opportunity to determine what you think would be best for your personal care.
  5. The law has changed
    • Even if nothing else about you has changed, the law very well might have. This can have a substantial impact on how your will is carried out, and what might happen to the assets you leave to your loved ones. That is why conducting a review of your estate plan, with the assistance of a lawyer, can be essential to ensuring your needs are appropriately handled.

    The estate planning attorneys at David J. Lorber & Associates, PLLC will work with you to come up with a plan that protects your interests and ensures that you and your loved ones are taken care of. For comprehensive estate and elder law services in New York, call David J. Lorber & Associates, PLLC at (631) 750-0900 or contact us online to schedule a free consultation at our Setauket office.

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