An Estate Plan is a living set of documents. As your life changes, your plan should change too. While there is no standard timeline for when you should make updates to your will, there are a few key life changes that should signal to you when it is time for a review – and possibly for a change.
For younger people:
- You get married
- You have a child, or another child
- A person you have named in your plan has passed away, or is unable to fulfill their role
For couples at, or close to, retirement:
- You have health concerns
- The people you have named as beneficiaries have had major changes in their lives and are unable to fulfill their roles
- The people you have named as a fiduciary (Executor, or Trustee, or Power of Attorney) can no longer act as such, or are no longer appropriate for that role
- Your children have married, or have had children of their own
Additional Reasons to Review Your Will
There are other factors that can also signal that it’s time to revisit your will beyond the major life changes listed above, and factors that could apply to both younger and older folks. If the value of your assets has significantly changed (either greater in value or lesser in value) from when you last updated your will, that could be an appropriate time to review the way things stand. Also, if you have moved to NY State from another state, you will definitely need to update your will, as laws change from state to state. In addition, if state or federal tax laws change, you unexpectedly inherit wealth, or simply have a change in heart for your plans, you will want to update your will accordingly.
Maintenance
Ward Arcuri Law Firm offers an Annual Maintenance Plan, which allows you to update your plan throughout the year, when any of the above life changes occur. Our Maintenance Plan is a peace of mind solution for those who feel they need to change their wills as their lives change too.
Let’s Talk
If you have any questions about establishing or changing your Estate Plan and will, contact our offices today.