Estate planning serves many purposes, the most well-known being the ability to leave assets to named beneficiaries in a New York will or transfer-on-death account. Estate plans could include documents that handle other matters, including power of attorney forms and health care proxies. People should realize that all estate documents could require updating at some point.
Updating estate plans
Several reasons may prompt decisions to change estate plans, including problems that develop in relationships. If a parent becomes estranged from any adult children, the parent might remove them from a will. A divorce could also lead to making necessary changes by removing an ex-spouse from vital documents.
A more positive development could involve welcoming a new child or grandchild into the family, leading to adding the young person to a will or trust. The estate planner might come into a significant amount of money, either from an inheritance or a business boom. If so, the estate’s new worth may increase so dramatically that alterations become necessary.
Wills and other estate plan documents may require changes when someone’s health takes an unfortunate turn. Establishing a medical power of attorney might be necessary. Or, revisions could make sense if another person should serve as a representative based on their expertise.
Similarly, choosing a different person as the executor may be appropriate. Circumstances and relationships change, so estate plans may have to adapt to address a new situation.
Remember, estate plans are not static and can be changed anytime. Performing a thorough review of all documents annually may be advisable. Anyone who waits too long to change these critical documents could create problems for themselves or their beneficiaries if something unfortunate occurs.