Salon Marrow Dyckman Newman & Broudy LLP

Focused On Protecting Your Interests

The importance of regular estate plan reviews

Residents in New York who have taken the time to create carefully crafted and thorough estate plans should feel good about that. However, an estate plan is not a static document or set of documents. Instead, it should be viewed as a living document which requires regular review and updating. This is because it directly reflects one's life and that is always subject to change.

Forbes recommends that people make an annual estate plan review a matter of course, much like getting an annual physical with a doctor. This may help to avoid a situation in which a person dies suddenly and the existing plan ends up being many years of out date and not reflective of the relationships or assets in that person's life at the time of their death. Having a current estate plan may also help to reduce the risk of a conflict between heirs so long as there are no concerns of fraud, maniuplation or other forms of undue influence put on that person to outline certain plans.

As explained by Fidelity Investments, there may be times when an update is necessitated even in between regular annual reviews. Some of the more obvious life events that may signal the need for this include the marriage or divorce of either the person with the plan or one of their heirs as well as the birth or death of new heirs.

However other situations include significant fluctuations either up or down in asset value, a spousal illness, the need to provide care to a loved one or a major career or job change including the start or end of a business.

 

 

No Comments

Leave a comment
Comment Information

New York Office
292 Madison Avenue
New York, NY 10017

Toll Free: 888-317-8676
Phone: 888-317-8676
Map & Directions

Hackensack Office
One University Plaza
Suite 408
Hackensack, NJ 07601

Toll Free: 888-317-8676
Phone: 888-317-8676
Map & Directions

Weston Office
257 Lyons Plains Road
Weston, CT 06883

Toll Free: 888-317-8676
Phone: 888-317-8676
Map & Directions

contact us