It's never a pleasant conversation to think about, but estate planning is something that everyone should do. A well-drafted estate plan can help ensure your wishes are carried out after you pass away and can also make things easier for your loved ones during a difficult time. However, estate plans should be reviewed and updated regularly.
If you're unsure whether or not you need to update your estate plan, Rozin | Golinder Law can help explain when you should consider doing so.
1. When You Get Married.
If you have an estate plan in place prior to marriage, it will be crucial to revisit it after you are wed. You will likely want to name your spouse as a beneficiary in your plan, but also may choose to designate other important roles to them. Along with becoming a beneficiary, they may assume the role of executor or trustee of any established trusts. These important updates can help avoid any potential conflicts down the road.
2. If You Have Children.
If you and your spouse elect to have children, it will be important to include them in the estate plan as well. These are times when you can consider how you want your legacy maintained through inheritance to your children. Furthermore, you can also put care plans in place in the event that you or your spouse can no longer care for them.
3. When You File For Divorce.
If you and your spouse end up filing for a divorce, it will be paramount to remove them from your estate plan. This will include any updates or changes that you made after marriage. You want to make sure that you revisit this estate plan if you get remarried in the future as well, as these will be individuals making important decisions about your estate and family.
4. If Your Finances Change.
Did you recently experience an increase or decrease in income? Or was there an unexpected inheritance that came your way? When your financial situation changes, it is crucial to revisit your estate plan as well. These plans should reflect your current situation so that if something happens, your estate is adequately handled and dealt with.
5. When You Deem It Necessary.
While there are times when an estate plan must be revisited, you can also make updates to it when you see fit. There may be other smaller life events that encourage you to revisit your plan, such as a health scare or nearing retirement.
Rozin | Golinder Law Can Help You Update Your Plan
Are you ready to update your estate plan? If you are in the state of New Jersey, our team can help.
To schedule a consultation with our estate planning attorney, call us at (732) 810-0034 or visit us online.