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When Should People Review & Revise Their Estate Planning Documents? May 21, 2018

Central Business District, Rochester
When Should People Review & Revise Their Estate Planning Documents?, Rochester, New York

Life is unpredictable, so it’s never too early to start estate planning. However, once you draft essential documents, it’s important to take the time to review them periodically. Wills are living documents that should change as your circumstances do. Below, Steve Butcher Sr. of Rochester, NY, shares a few scenarios that should trigger a review and possible revision of your estate planning arrangements.

When Your Family Dynamic Changes

Any change to your family's composition warrants a review of your final arrangements. Such changes include marriage, having or adopting children, and getting divorced. People often need to alter their wills after losing loved ones unexpectedly, as well, if they were beneficiaries. If your family is rapidly changing, consider instating an annual review of your estate plan to keep it current. 

When Your Net Worth Changes

willsBuying a home, selling a business, or receiving an inheritance can change your financial situation considerably. Since the central purpose of estate planning is to set up loved ones for success, it makes sense to update wills after acquiring or liquidating a significant asset. If you have an unusually complicated financial situation, you may want to consider establishing trusts, as well. Once you transfer assets to a trust, they will not be subject to probate. Since probate proceedings are public, record, trusts provide your loved ones with an added layer of privacy. Trusts also allow grantors to specify precise terms and conditions under which beneficiaries can access their inheritance. 

Whether you need to update your estate planning documents or you've yet to establish a plan for the future, turn to Steve Butcher Sr. Based in Rochester, NY. This seasoned estate attorney helps clients throughout Monroe County to create wills, trusts, and other arrangements that protect their family’s financial security in all eventualities. Schedule an initial consultation by visiting his website or by calling (585) 263-2444.

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