Informative Masterclass
How to Protect your Family’s Assets and Leave a Lasting Legacy
Save Your Spot Now!

White Plains & New City, New York Estate Planning & Elder Law Firm

When to Update Your Will: 8 Reasons You May Need to Revisit Your Estate Plan

October 13, 2023
David Parker, Esq.
Older couple learning about when should you update your will
David Parker, White Plains and New City NY Estate Planning Attorney
David Parker, Esq.
David Parker is an attorney who specializes in Estate Planning and Elder Law and has been practicing law for 30 years. Be it Wills, Trusts, Powers of Attorney, Health Care Proxies, or Medicaid Planning, David provides comprehensive and caring counsel for seniors and their families. A large portion of David’s practice is asset protection strategies so that families do not lose their hard earned savings to nursing home care costs. He also handles probate administration for the settlement of estates.
If you don’t remember when you last reviewed your estate plan, then chances are it’s time for a review. Over the years, wishes, relationships and circumstances change. An out-of-date estate plan may not achieve your wishes, or be declared invalid by the court.

Updating your will is not just a one-time event. It's an ongoing process that ensures your estate plan remains relevant and effective. In this article, we'll delve into the times when you should update your last will and testament and the reasons you may need to. So, if you're someone who can make a difference through charity or simply want to ensure your estate planning documents are up-to-date, read on!

Why Should You Update Your Will?

Your will is a reflection of your wishes at a particular point in time. But as life evolves, so might your desires and circumstances. Regularly reviewing and amending your will ensures that it accurately represents your current wishes.

What Life Events Necessitate a Will Update?

Life is unpredictable, and major events can significantly impact your New York estate plan. Here are some common reasons:

Have You Recently Married or Divorced?

A change in marital status is a significant life event that necessitates a will update. Whether you've recently married or divorced, it's essential to review your estate planning documents to ensure they reflect your new circumstances.

Did You Have Children or Grandchildren?

The birth or adoption of children or grandchildren is a joyous occasion. It's also a time to update your will to include them as beneficiaries or make provisions for their care.

Have You Moved to a New State?

State laws can vary significantly, and moving to a different state, or transferring to New York with an out-of-state will, can impact how your will is executed. If you've moved or are planning to move, it's crucial to ensure your will complies with the laws of your new state.

Changes in Your Financial Situation?

A significant increase or decrease in the value of your estate can affect your estate tax obligations. Regularly reviewing your will ensures that your assets are distributed according to your wishes.

Have You Acquired New Assets?

Whether it's property, investments, or personal items, new acquisitions should be reflected in your will. Regular updates ensure that all your personal property is accounted for.

Changes in Tax Law?

Tax laws can change, and these changes can impact your estate tax obligations. Staying updated ensures that your heirs won't be burdened with unexpected taxes.

Do You Want to Change Your Executor?

The executor of your estate plays a crucial role in ensuring your wishes are carried out. If your relationship with your current executor has changed, it may be time to appoint someone new.

Have Your Beneficiaries' Circumstances Changed?

Life changes can also affect your beneficiaries. Regularly reviewing your will ensures that your assets are distributed in a way that best supports them.

In Conclusion:

Remember these key points:

  • Regularly review and update your will, especially after major life events.
  • Ensure your will complies with the laws of your state.
  • Keep track of your assets and ensure they're accurately reflected in your will.
  • Stay updated on tax laws to protect your heirs from unexpected burdens.
  • Choose an executor who you trust and who is capable of carrying out your wishes.

By keeping your will updated, you'll have peace of mind knowing that your wishes will be honored and your loved ones will be taken care of. Schedule a free call with Parker Law Firm to review your will and estate plan or to get started creating one.

FAQ

What is an estate plan?

An estate plan is a set of legal documents that outline how your assets will be managed and distributed after your death. It includes your will, power of attorney, and healthcare directives.

What is a beneficiary?

A beneficiary is a person or entity who will receive your assets or benefits upon your death. They can be individuals, such as your children or grandchildren, or organizations, such as charities.

What is an executor?

An executor is the person you appoint to carry out the instructions in your will and manage your estate after your death. They will handle tasks such as paying debts, distributing assets, and filing tax returns.

What is estate tax?

Estate tax is a tax imposed on the transfer of assets from a deceased person to their heirs. It is based on the value of the estate and can reduce the amount of inheritance your beneficiaries receive.

How often should I update my will?

It is recommended to review and update your will every three to five years, or whenever there is a significant change in your life or financial circumstances.

Do I need to update my will if I have a blended family?

Yes, if you have a blended family, it is important to update your will to ensure that your assets are distributed as you intend. This may mean revising beneficiaries or making additional provisions for stepchildren.

Do I need to be an estate planning attorney to update my will?

While it is not necessary to be an estate planning attorney to update your will, it is recommended to consult with one to ensure that your changes are legally valid and properly executed.

Share This Post
Stay Informed
Subscribe To Our FREE Estate Planning, Probate and Elder Law Newsletter

Book Your Free Initial Consultation With Parker Law Firm Today
Get Started Now

The 15 minute initial phone call is designed as a simple way for you to get to know us, and for our team to learn more about your unique estate planning needs.

Book an Initial Call
Book A Call With Parker Law Firm
Parker Law Firm
White Plains Location

222 Bloomingdale Rd #301,
White Plains, NY 10605

New City Location

120 North Main Street, Suite 203,
New City, NY 10956

IMS - Estate Planning and Elder Law Practice Growth Advisors
Powered by
crosscross-circle