If you’ve already created an estate plan, first: well done! You’ve taken a critical first step to protect your family and secure your legacy.
Here’s the catch: it’s only a first step. You need to revisit your estate plan periodically to ensure that it still meets your needs; having an outdated estate plan can, in some cases, actually cause more problems than having no estate plan at all.
Here’s what you need to know about updating your estate plan in New Jersey and how Williams Law Group, LLC, can help.
Some situations merit an immediate update to your estate plan
You should always give your estate plan a close look as soon as possible after any major life event, including but not limited to:
Marriage or divorce
This is the big one. If your marital status changes, your estate plan has to change, too, because whether you are married when you die determines many of the rules that apply to your estate.
Birth or adoption of a child
This is the other big one. Adding a child to your family means you have to update your estate plan to account for one more heir or beneficiary. You also need to account for your child’s potential care needs if you become unable to care for them before they reach adulthood.
Death or disability in the family
The death or permanent disability of a loved one can trigger a reevaluation of your estate plan. You may need to designate a new beneficiary or devote more resources to care for someone who is now disabled.
Acquiring a major asset
Purchasing real estate or another significant piece of property merits an update to your estate plan.
Starting a business
Becoming a business owner bears special mention: the business is an asset, and it needs to be included in your estate plan, but you also need a succession plan for the business itself in the event of your death or incapacity.
Otherwise, update your estate plan every three to five years
Even in the absence of any major life changes, you should give your estate plan a hard look every three to five years. Whether that number is closer to three or closer to five depends on your age (generally speaking, the older you are, the more frequently you should revisit your estate plan) and the complexity of the plan.
During these routine reviews, the goal is to make sure that your estate plan still covers all of your assets and still matches up with your wishes.
- Do you want to make a change to your charitable contributions?
- Are all the people with named roles in your estate plan, such as your chosen personal representative, still able and willing to serve in that capacity?
- Do you have any new assets or liabilities that aren’t accounted for?
Staying on top of your estate plan ensures that your family won’t be blindsided if something goes wrong.
Our New Jersey estate planning lawyers are here to help
If you need to review your estate plan—or if you simply don’t have one yet at all—then you’ve come to the right place. The experienced New Jersey estate planning attorneys at Williams Law Group, LLC have the experience and insight to help you protect your legacy.
To see how we can help with your estate planning needs, give us a call or contact us online today.
"Williams Law Group is a team you can truly trust to handle your case with the utmost care and dedication." – L.C., ⭐⭐⭐⭐⭐