When to Update Your Estate Planning Documents in New YorkThursday, July 13th, 2017, 1:23 am
Many people believe that once their will has been created, they no longer need to worry about it. They simply lock it in a safe, storing it away without ever thinking about it again. Unfortunately, just having a will doesn't mean your assets and property are properly protected. There are certain life changes you may undergo that would cause you to need to change your plan.
But what could happen that would cause you to change your will? Let's take a look at a few of the most common situations that could call for a change.
- Your family has grown. Whether you've recently gotten married or you've had a child, you want to ensure those individuals are properly included in your will. Edit your plan anytime each time you have a child.
- Your family has gotten smaller. Unfortunately, divorce or death are both situations where your family can get a bit smaller. If the individuals listed in your will are no longer applicable, you'll want to make edits to ensure your assets get in the right hands.
- You come into significant new assets. If you inherit a significant amount of cash, create a successful business, or otherwise come into a lot of cash or assets, you'll want to make a revision of your will. Make sure all your assets, cash and property are accounted for.
- Your children reach adult age. If you have minor children, you likely have it stated in your will who should retain custody of them if you should pass away before they're able to legally take care of themselves. Once they reach the age of 18, you'll want to change this.
- A significant amount of time has passed. If you haven't taken a look at your will in quite some time, it may just be time for a revisit and refresh. Schedule time every few years to go through your will and make any relevant changes.
A Brooklyn estate planning attorney can help you navigate the many changes that may call for a will change. For assistance creating or updating your will, contact the Brooklyn estate planning attorneys at Michael F. Kanzer & Associates, P.C.