After the death of a loved one, there are a lot of things to take care of from funeral arrangements to notifying the family, closing accounts, and reading of the Will. But one thing many family members overlook or forget about is the updating of their own Wills. Once everything is taken care of with your loved one, you should update your own estate plan to avoid potential probate issues.
Changes in Distribution
The loss of a loved one can affect how your estate is distributed. You may have allocated part of your estate to the deceased person or family member and now consideration may be given to modifying the plan of distribution.. This is vital to do as soon as possible to help your family avoid probate in the event of your death.
Inheritance from Your Loved One
Your loved one may leave trust funds, bank accounts, real property, family heirlooms, etc. It is important to update your estate plan to include the acquisition of such gifts . If you pass away before updating your estate plan, it may take up to a year or more for your family to access the funds or property as an estate proceeding in Surrogate’s Court may be necessary.
Work with Your Estate Planning Attorney
Your Estate Planning attorney can assist you with planning for the distribution of newly acquired inheritances or estate assets made available by the loss of a loved one. We understand that in times of grief such as after the death of a loved one, it may be hard to think of anything but your mourning. But it is vital you update your estate plan for the sake of your desired beneficiaries.
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.