Some people are under the misconception that once you have created an estate plan, your job is done and you can just go about your business normally. Unfortunately, an estate plan can become seriously out of date, potentially leading to legal issues for you or your loved ones down the line. And if you do not know when the last time was that you updated your estate plan, or if it has been a while, it may be time to revisit it.
Checking Your Estate Plan
If you are uncertain about the state of your estate, you should look over any associated documents, which should be readily accessible for both you and your loved ones. This includes your last will and testament, any trust documents, as well as any advance directives you put into place (such as a power of attorney or health care proxy). This also includes documents related to any retirement benefits you may have, such as a pension or retirement account, and any life insurance policy you may have.
How an Estate Plan Can Go Out of Date
There are three main ways an estate plan can become out of date. First, you may have named heirs or beneficiaries that you are no longer on good terms with, or who may no longer be alive. Second, you may grant property to other people that you no longer possess, such as a house you sold or a bank account you closed, or your estate plan may not account for property you have more recently acquired. Third, you may have named executors or trustees to your estate that are no longer available, or who you no longer trust to have that position of authority over you.
The Consequences of an Out of Date Estate Plan
If your estate plan is significantly out of date, it could cause serious problems for you or your loved ones later on. In the case of an out of date power of attorney, for example, you may find your legal affairs being taken care of by someone you do not trust, or your loved ones may be forced to go to court to get a guardianship over you. In the case of an outdated will, your loved ones may need to spend time litigating over who gets your assets, turning the process of probate into a protracted nightmare.
Updating Your Estate Plan
If it has been a long time since you updated your estate plan, or you are not sure when the last time you updated your estate plan was, you should speak to a lawyer as soon as possible. An estate law attorney with experience handling estate planning can help you to get your affairs in order, so you are prepared in case the worst should happen. The sooner you contact us, the sooner you can be assured that you and your loved ones will be taken care of.
The estate planning attorneys at David J. Lorber & Associates, PLLC will work with you to determine whether a guardianship might be necessary for your loved one, and help you to ensure your loved one receives the assistance they need. 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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