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Estate planning is not a one-time event: Updates are necessary

| May 1, 2019 | estate administration & probate |

A New York family who has lost a loved one understands the importance of having clear documents by which they can understand the wishes of the deceased and settle his or her estate appropriately. This process is significantly more difficult when a person does not have a will or fails to update his or her will after significant life changes. Estate planning is an ongoing process, and documents should be adjusted when major life changes come along.

Life is unpredictable, and sometimes things happen that require changing the terms of existing estate planning documents. Some of these changes include divorce, remarriage, the death of a beneficiary and more. When a person fails to update plans, it can leave beneficiaries and heirs in a difficult position, and they may have to move forward with litigation simply to settle disputes and questions.

Tax laws have changed significantly over the last few years, and it is smart to review certain plans in order to determine if it is necessary to change them for tax purposes. There are choices a person can make with his or her estate plan that will reduce estate taxes and more. In addition to a will, some people may need to add elements to their estate plan, such as a trust.

Estate planning can be a difficult process. A person considering what he or she needs to do regarding planning for the future may want to discuss concerns with an experienced New York attorney. It is also smart to have an attorney review existing plans in order to identify places where updates are necessary.