Not many people in South Jersey take estate planning as priority. If you have an estate plan in place, congratulations on taking a responsible and crucial step. There is also one thing that not many people understand about estate planning – The need to revise! You need to revise your estate plan at some point, and it is best to do a review every few years with a South Jersey estate planning attorney by your side. In this post, we are sharing the key circumstances when you need to revise your estate plan.
Changes in the family
Family dynamics change with time. You probably have a much bigger family now compared to a decade back, and it is natural to want to change your Will to include a few important people. At times, people change their Will and powers of attorney because they no longer trust or love the same people anymore. The whole process of estate planning allows you to revise, review, and change your key documents when you want. You can redraft your Will or make amendments when you want.
Death/age of the trustee/executor
An executor is the person in charge of ensuring that your last wishes mentioned in the Will are honored. If you had named someone and that person is no longer capable of handling that responsibility, you may want to change or redraft your Will. The same is true with trusts. If your trustee has aged with time or is now incapacitated, it is best to consider someone who is worth your confidence. You may probably want to consider a younger person who has the necessary skills.
Change in your assets/estate
With time, your estate may have grown manifold. If you had made a Will a decade back, the chances are high that the document may not contain some of your new and current assets. Similarly, if you have sold off a part of your estate or have invested in real estate properties, you may have to revise your documents. If you have amassed more wealth or have lost some assets, you have to sit with an attorney and revise your documents.
Significant life events may force you to make decisions that were not expected a decade back. You may also want to change your estate planning because you want different things for end-of-life care and medical treatments. Talk to an attorney now to know more.