When estate planning, people often fail to adjust their wills and estates according to life circumstances. After drafting a will, you may never update it, leaving an outdated document for your beneficiaries to sort out. Here are some major changes to your life that necessitate a trip to your lawyer to review your estate plan.

When Should You Make Changes to Your Estate Plan?

1. Your Family Has Changed

New additions to your family and other kinds of changes can mean that you need to add or remove a beneficiary from your will. Marriage or divorce, new children or grandchildren, a newly blended family that includes stepchildren, and death are circumstances in which you may want to alter your will. Contact your wills and estates lawyer anytime you need to change the way your money will be distributed after your death.

2. You Moved to a Different State

Don’t assume the laws are the same in New York as they are in the state you were living when you originally made your estate plan. Every state has its own legal requirements for wills and you’ll need to make sure yours complies to keep it valid. You should also periodically check with your wills and estates lawyer to see if New York’s laws have changed since you drafted your estate plan.

3. Your Assets Significantly Changed

If you have recently acquired substantial assets, received an inheritance, or significantly increased the value of your estate, you’ll need to update your will. You may also consider putting aside your new assets in a trust rather than a will. Ask your wills and estates attorney to help you handle them properly.

4. You Are About to Turn 70 ½ Years Old

At 70 ½ years old, your retirement account may require you to begin taking distributions. If you’re nearing this age, you should visit your attorney to review your IRA, 401(k), or other plan and discuss how the distributions will affect you and the beneficiary of your retirement account.

For an attorney well-versed in handling wills and estates, contact Daniel R. McComb, Attorney at Law in Batavia, NY. This estate planning attorney has more than 35 years of experience helping his clients navigate difficult legal and financial situations. He can ensure each of your beneficiaries is well taken care of after you’re gone. Find out more about this law practice online or schedule an initial consultation by calling (585) 343-2250.