A Hartford estate planning attorney can help you to make certain that your wishes are respected regarding what happens to your money and your property after your death. Creating an initial estate plan is very important to control your own legacy. However, you may need to adjust your plan as time goes on. An experienced attorney can help make modifications.
Nirenstein, Horowitz & Associates can assist you with all aspects of estate planning. One of the things our legal team can do is provide you with advice on how often your estate plan should be updated. We can work with you to discuss changes in your life, priorities, or plans for the future and can assist you in determining whether these changes necessitate a modification of your estate plan.
If a change needs to be made, we can help you to take the essential steps to modify all of your estate planning documents. Contact us today to learn more.
How Often Should You Change Your Estate Plan?
You want your estate plan to be up-to-date enough to reflect your wishes in case something happens to you. An unexpected tragedy at any moment could leave you incapacitated or could result in your death. If that happens, your most recent estate plan is the one which will determine your legacy. If you have not kept your plan up-to-date, it will be too late to change.
Of course, it is not practical to update your estate plan every single day, nor do you need to do this. Once you have decided on a plan that works for you, updates will typically become necessary only when there are major milestones which occur. For example, Fidelity Investments has a list of some of the life changes which you may experience which suggest it is time for a modification to your estate plan. These changes include:
- Adopting or giving birth to a new baby.
- The birth of a new grandchild.
- A child or grandchild reaching adulthood.
- A child or grandchild requiring educational costs to be paid.
- The death or change in circumstances of the person who you named in your will to serve as the guardian for your children.
- The addition or subtraction of dependents, including in situations where you become responsible for the care of an adult.
- Changes in your financial goals for the future or in your spouse’s financial goals for the future.
- Getting married.
- Dissolving your marriage.
- You or your spouse becoming ill or disabled.
- A change in insurance policy coverage, including long-term care policies and life policies.
- The purchase of a substantial and valuable asset, such as buying a home.
- Going into lots of debt or taking on other major liabilities.
- Experiencing a big increase in any asset’s value.
- Receiving a substantial gift or your spouse receiving a substantial gift.
- You or your spouse receiving a substantial inheritance.
- A change in state law or federal law related to gifts, investments, or taxes.
- The death or disability of any family member.
- The death, disability, or other change in circumstances of your executor.
- Opening or closing a business.
- Getting a new job or getting promoted.
If any of these milestones happen, you may wish to make a change to your estate plan in order to address your new circumstances. Even if no milestones happen in your life, reviewing your plan every few months or every year will allow you to make sure your estate plan is still a reflection of your goals and dreams for the future.
Modifying Your Estate Plan
If you have decided to modify your estate plan, you should make sure to follow all required protocols for creating new estate planning documents and for modifying or repudiating the former plans you had made. A Hartford estate planning attorney can help.
Getting Help from a Hartford Estate Planning Attorney
To learn more about the process of modifying your estate plan, you should contact a Hartford estate planning attorney at Nirenstein, Horowitz & Associates as soon as possible. Our legal team will assist you throughout the process of modifying your plan to ensure your estate plan reflects your current goals for your assets and for your loved ones.
We provide representation to clients in Hartford, Westport and surrounding areas throughout Connecticut. If you are ready to find out more about the process of estate planning, you can download our free estate planning worksheet. You can also give us a call at 860-548-1000 or contact us online to learn more about the personalized assistance that we offer to clients.