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When is it time to update an existing estate plan?

On Behalf of | Sep 1, 2022 | Estate planning |

Creating an estate plan is an important step for all New Jersey adults. Regardless of age, the size of the individual estate and income, having a legal and financial plan in place is an important step that will provide you with security and peace of mind. However, creating an estate plan is not necessarily a one-time process. There will be times when it is necessary to update an existing plan in order to ensure that you have the most protection and security possible. 

There are specific times in life when it will be necessary to review and update your existing estate plans. Major life changes, such as a death in the family, marriage, divorce or the birth of children, are all common reasons why updates to plans are necessary. Careful review of your existing plans could provide insight regarding the types of changes and additions that may be necessary to have the full protection you need to look to the future with confidence. 

Important considerations for your estate plan 

Every estate plan is different, and the specific additions and protections you need depend on your individual needs and objectives. The following considerations can help you make the best decisions regarding potential changes to your estate plan: 

  • Are your assets going to the right place? Through a carefully crafted estate plan, you can decide where your assets are going after you pass, whether that is charity, a loved one or somewhere else. 
  • Who will handle your estate? You can name a trusted and responsible party to oversee your estate after you pass. It will be important to carefully organize documents and keep them in a place where they can be located. 
  • Do you want control over your medical care? You can include documents in your estate plan that allow you to have the final say over certain medical issues. You can also appoint someone who can make important health care decisions on your behalf. 

Your estate plan should match your current circumstances and your long-term goals. If you have not yet created an estate plan or have not updated your plan in some time, it is important to do so as soon as possible. If you are unsure of where to start with this process, seeking an assessment of your estate can help you see what steps will be most important for you to take.