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Reasons to update an existing estate plan

| Jul 5, 2019 | Estate Planning |

Creating an individual estate plan is an important step for any New Jersey resident. Even individuals who do not believe their financial or familial situation warrants an estate plan can take control of their end-of-life decisions. Their goals and objectives can often be accomplished with the help of local estate planning attorneys.

Once a person completes their estate plan, they may feel as though they have no more responsibility to it. This is not true, however, as estate plans must often be updated to stay relevant and current. This post will touch on some of the reasons that estate plans should be updated, but readers are warned that this list is not comprehensive.

An estate plan should be updated when there is a change in a person’s family structure. When they have a child, divorce a spouse, experience a death, or go through some other change, they may need to update their plan. Similarly, when a person remarries or needs to change an estate executor, guardian, or other named party, their estate plan must be altered.

Any major changes to a person’s wealth can be used as the basis for changing their estate plan. An influx of financial assets may change how a person wants their estate distributed, as can a loss of wealth or assts. When preparing to make changes to one’s own estate plan, legal support can be helpful to ensure that any modifications made adhere to state law. An estate plan can be changed with the support and knowledge of a trusted estate planning attorney.