Our lives are constantly changing. Whether minor or major, these changes can have an impact on your plans for the future, including your estate. Deaths, natural disasters, marriage, births, divorce, job loss, property damage, property sales and more can affect your estate holdings and to whom you plan to distribute your estate upon death. It is important to update your estate plan when a major life change occurs that could affect it.
The passing of assets to the heirs of your estate plan can be altered by drafting a new Last Will and Testament or amending existing estate planning documents. After a major change in your life or in the life of your heir(s), you may want to change the content of your estate plan. After a major event in the family, you may want to meet with your estate planning attorney to make corresponding amendments.
Changes in laws can also warrant a change in your estate plan. If estate taxes are raised or lowered, or exemptions are put into place, this might affect how you want to distribute your assets. This can happen on local, state, or even federal levels.
Additionally, your assets and finances can change over time. It is important to review your estate plan every two (2) years to ensure that those fluctuations do not seriously alter the conditions of it; and to balance things out, if needed.
For more than 40 years, our firm has been assisting people like you with long term care and estate planning needs. We bring you the knowledge and resources to protect you and your family. Armstrong & Lamberti, PLLC do not provide tax, legal, or accounting advice by articles. This material has been prepared for informational purposes only and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. Call 718.477.7700 or contact us online to schedule a free initial consultation with an estate planning attorney at Armstrong & Lamberti, PLLC. We proudly serve Staten Island, Brooklyn and the other boroughs of New York City.