If you have assets and want to protect them while you ensure your wishes are followed after you pass, an estate plan is crucial. While it may not always be pleasant, you should review your estate plan regularly and anytime you have major changes in your life or there is some change in a law; and when you do that, an experienced Estate Planning lawyer who understands both Federal and New York State law is crucial.
Life Changes and Your Estate Plan
As all of us know, life changes quicker than we can expect sometimes. For example, people get married, get divorced, have a child, or a beneficiary passes away.
When that happens, your estate plan is out of date and needs to be updated to make sure it is current.
Changes in Assets and Financial Situation
Anyone reading this has seen their lives impacted financially over the years, whether it be increased income as they progress in their careers, or perhaps something like a recession or the pandemic. Maybe, some investments flourished or you started a business that has significant assets.
If you acquired assets after your most recent estate plan was completed or have seen the value of existing assets increase or decrease, this could affect how your estate would be distributed. You want to make sure your intentions become reality.
Legal Changes and Tax Implications
Estate planning laws and tax regulations are subject to change. These changes can have a significant impact on your estate plan, potentially altering the effectiveness of your current arrangements.
For example, changes in estate tax laws can affect the amount of taxes your estate will owe, impacting the net value passed on to your beneficiaries. By keeping your estate plan up-to-date, you can take advantage of new laws and strategies to minimize tax liabilities and ensure that your estate is handled efficiently and effectively.
Why You Need an Attorney
Although it could be tempting to manage estate plan updates alone, speaking with an experienced attorney is crucial due to the intricacy of estate planning. Here are several reasons why:
Expertise and Knowledge
Estate planning attorneys have specialized knowledge and expertise in the field. They stay updated on the latest legal changes and understand the nuances of estate planning laws in New York. This expertise ensures that your estate plan is compliant with current Federal and State laws and tailored to your specific circumstances.
Customized Advice
Every individual’s situation is unique, and a one-size-fits-all approach does not work in estate planning. An attorney can provide personalized advice based on your specific needs and goals. They can help you navigate complex family dynamics, asset structures, and tax considerations to create a plan that truly reflects your wishes.
Comprehensive Review
An attorney can conduct a comprehensive review of your existing estate plan, identifying any gaps or outdated provisions. They can ensure that all your documents, including wills, trusts, powers of attorney, and healthcare directives, are up-to-date and aligned with your current intentions.
Peace of Mind
By working with an attorney, you gain peace of mind knowing that your estate plan is legally sound and that your loved ones will be taken care of according to your wishes. An attorney can also help with the administration of your estate, guiding your executors and trustees through the legal process to ensure everything is handled smoothly.
Conclusion
Keeping your estate plan up-to-date is essential to ensure that your assets are protected and your wishes are honored. Life changes, financial shifts, and legal updates all necessitate regular reviews and updates to your estate plan. Consulting an experienced estate planning attorney is the best way to ensure that your plan is comprehensive, current, and tailored to your unique needs.
Don't wait until it's too late. Schedule a consultation with a knowledgeable estate planning attorney today to review and update your estate plan. Your future self—and your loved ones—will thank you.
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