Keep up-to-date on your will and estate plan.
When it comes to a will or estate plan, don't just sign it and forget about it. There are some obvious triggers that might prompt you to update your will, such as changes in health or marital status. According to financial planners and attorneys, there are some less obvious ones to be aware of.
Changes in health, including that of executors and guardians; changes in laws, which may impact tax and legal strategies; and changes in state residence, which can also impact planning.
Changes in designations or fiduciaries (executor of the will, successor trustee of a revocable trust, attorney-in-fact, healthcare agent, guardian of minor children). Over time, your original choices for fiduciary roles will eventually no longer be the best choice. Parents age, retire, and become unable to handle the roles; siblings and close friends have changes in their own lives such as moving, marriage, starting families of their own, divorce, and so forth.
Changes in a family member's situation, such as when a child develops special needs that require careful planning. As circumstances change, clients should revisit their wills and powers of attorney every year.
These are just some of the many factors that may cause a will or estate plan to be changed.
For further information, contact Kevin at kevin@kmckernan.com or 718-317-5007