Composing an estate plan might be one of the most important things someone does to take care of their family in case of an unfortunate incident. Estate plans are binding unless the maker revokes or changes the various documents. Sometimes, making alterations proves advisable when hoping to avoid problems in a New York probate court. Other times, circumstances change, and writing new documents seems appropriate.
The time comes to make necessary changes
An estate planner could make changes for any reason they wish. For example, if a relationship with a beneficiary falls apart, writing the person out of a will might be necessary. So, if the testator is no longer on speaking terms with a listed beneficiary or attorney-in-fact, removing the person from a will or power of attorney form seems wise.
Often, significant life events lead to people making estate planning changes. A divorce would likely prompt removing an ex-spouse from a will or a brokerage accounts transfer on death designation. While these examples may be common, not every change derives from adverse events.
Other estate plan matters to consider
The addition of new family members through birth or adoption may necessitate revisiting things. If a child or another person does not appear on a will, they may not receive anything during probate. Also, a planner could receive an inheritance or otherwise experience a substantial increase in net worth. Perhaps such an event means revising a will or power of attorney form.
Although someone might be in good health, it may not hurt to establish a health care proxy or write a living will. Accidents can happen, and health situations might change.
An annual estate plan review may be helpful. The review session could lead to making changes before anything disruptive or unexpected occurs.