New York Estate Planning & Elder Law Blog
There are a number of common types of estate planning errors. One of the most widespread errors is the failure to update a person’s estate planning documents. As a result, even if you have written estate planning documents, there are numerous events that can arise that interrupt with your plans and require the revisions of these documents. This article reviews some of the most common signs about which people with estate plans should be aware.
# 1 – Executors Become Inappropriate
Executors refer to the individuals that are tasked with implementing an estate plan. Many people appoint executors without thinking carefully about whether the assigned person is able to perform successfully. Unfortunately, circumstances occur that make it no longer necessary to appoint a person as an executor. In these situations, it is critical to consider the individuals that are appointed in your estate plan and whether they are able to successfully carry your goals.
# 2 – Changes in Your Assets or Liabilities
A substantial change in the value of your estate since your plan was created should often mean that you review your estate planning documents. In some situations, changes in the value of assets can have a particularly significant effect on how you to choose to divide your assets.
# 3 – Your Beneficiaries Change
One of the most common reasons why you might decide to change your beneficiaries are births or deaths in your family. In these situations, it is often necessary to revise your estate planning documents so your new family members are named and any deceased family members are removed. Marriage might also require you to revise estate planning documents to reflect these changes.Other times, because a person has acted irresponsibly with money or has become estranged from the family, it might be necessary to disinherit the person.
# 4 – You Relocated
Estate laws are not the same between states. Instead, each state has its own laws. While some of the changes can be less significant, other changes are much larger. If you recently moved to New York state, there are a number of important estate planning laws that must be taken into consideration regarding your planning documents. In some situations it might also be necessary to establish evidence that you changed your residence. Speaking with an experience estate planning attorney is to make sure that all important issues are taken into consideration after a relocation.
# 5 – Your Retirement Plan Is Outdated
One of the major errors in estate plans is failure to update the beneficiary designations in your retirement plans. These beneficiaries must be listed on separated documents rather than in wills or trusts. While there are numerous reasons to change these beneficiaries, it is a wise idea to review retirement plans separate from estate planning documents.
Speak with an Experienced Estate Planning Lawyer
If one of several types of events has occurred, it is very possible that you will find your estate planning document no longer reflects your needs. In these situations it is a wise idea to speak with an experienced estate planning attorney. Contact Ettinger Law Firm today to schedule an initial free case evaluation.