When it comes to estate planning, there are two categories that many people will fall into: those who haven't made any plans at all, and those who have done so but fail to update them. New York residents who have set up a will or have other plans in place may believe that they have no further concerns. However, failing to regularly revisit one's estate plans can be a costly error.
The decision to set up a plan is only the first step toward ensuring that one's wishes will be carried out after death. If the plans are older than three years, they may be outdated and not provide the protection intended. Professionals note several reasons why people may need to revisit their current estate plans. First, tax laws may have been changed and existing plans no longer provide adequate protections. Second, if one has relocated to a different state, existing plans may no longer be compliant with the new state's laws.
If one has divorced or remarried, heirs or beneficiaries may need to be corrected. Likewise, if there are changes in assets or debts, then plans may need to be revised to reflect those particular circumstances. Changes in retirement accounts or insurance policies may also lead to necessary changes in estate plans.
Lastly, it is possible that the trustees or executors that one has selected may no longer be able to serve in the chosen capacity, or they may no longer be the individuals best suited to serve in those positions. Those who have taken the time to draft their desired plans have the expectation that those wishes will be followed. New York residents who want to ensure that their documents are up to date may be best served by consulting with an attorney who is well-versed in the current estate planning laws and procedures.