10 Reasons Why You Should Revise Your Estate Plan

Your life is always changing left and right, so it’s important that you keep up with these

everyday changes. This includes updating your estate plan and making sure that it addresses all

your specific needs and wants.

1. There’s an Addition to the Family

Whether it’s through a new marriage or having a new child, this would be a good reason to

update your estate plan. You might want to provide for this new person in the family and

give them your estate. If you remarried, you may consider making sure your children from

the previous marriage or new step children are taken care of in your estate plan.

2. You Got Divorced

Often times in your estate plan, your former spouse is your beneficiary. You may want to

change that especially if you decide to remarry. After your divorce is finalized, it is best to

update your estate plan according to your circumstances.

3. There was a Death in the Family

If you have a loss in the family and they happened to be a beneficiary, then you would have

to change your estate plan accordingly.

4. It has Been a Long Time

The greater the passage of time, the more things change including your goals. As your goals

change your intentions with your estate plan would also change. You may want to distribute

your assets differently than you previously planned to. You would then need to review and

update your estate plan based on your new needs.

5. You or a Loved One Got Injured or Hurt

You or a family member may get very ill and this may change your situation. You may want

to shift the distribution of assets to help provide for their increased financial needs.

6. Your Assets have Changed

Whether you inherit money, loose assets, or buy/sell a business, these factors cause major

changes in your assets. These changes in assets may influence how you want to deal with

them and bring you to revise your estate plan.

7. You Moved to a Different State

Each state has different laws and regulations. Moving to a new state can affect your estate

plan if it does not meet its requirements. This includes moving from a common law state to a

community property state.

8. You Want a New Attorney

The relationship between you and your attorney may change over time so you may want to

edit or replace this attorney with someone else. If this applies to you, then you may want to

change that.

9. The Tax Laws Changed

Laws are constantly changing. The more time has passed, the more likely laws and

regulations have changed. It is best to revise your estate plan and see how the change in tax

laws have affected your estate plan.

10. You want to Add New Beneficiaries

After establishing your estate plan, you may find that you want to add or delete beneficiaries

from it. This may include people, charities, or organizations. This would be a good reason to

bring your estate plan up to date.

Life is always changing, so it’s important to revise and keep your estate plan updated. At the

Law Office of Inna Fershteyn, we want to help you and your family take control and prepare

for any changes that may come along the way. For more information call us at (718) 333-2394 or

visit our website, BrooklynTrustandWill.com