After creating an estate plan, you may think that you do not need to look at these documents again. However, you should review your estate plan regularly to make sure it still reflects your current circumstances.
You may need to reexamine an estate plan for practical reasons. U.S. News and World Report says that New York’s tax laws may change, and this affects the estate taxes you may need to pay. Additionally, the legislature could make changes to the estate laws. You may want to review the estate plan to make sure that the documents meet the new guidelines.
Personal life changes
Your circumstances may change greatly after you write a will. You should usually look over your estate plan whenever there is a significant change in your life. This change could be a move. You may have created your estate plan before moving to New York. In this situation, you may want to make sure that your estate plan meets all the guidelines of New York law.
Additionally, your family may grow after you create an estate plan. You should make sure that you add new children as beneficiaries. Sometimes, you may need to review the estate plan because you and your spouse divorced. In this situation, you may need to reconsider who will inherit your property.
Changes in other people’s lives
Sometimes, you may need to update your estate plan because of events in other people’s lives. You may appoint your parents as the guardians of your children, for example. As your parents age, they may no longer be capable of caring for children, and you may need to name a new guardian. The person you name as the executor of the estate may die and you could need to appoint a new person.