ESTATE PLANNING AND ELDER LAW
January 6, 2019
When to update your estate plan?
One of the most frequent questions I am asked is when should I update my estate plan? A good rule of thumb to follow is that you should review your current plan every three years. With that said, if you experience a major life change then you should update your plan as soon as possible.
Here are some major life changes that should prompt you to update your plan:
Marriage or divorce.
Acquiring or disposing of a significant asset.
The addition of children or grandchildren.
Relocating to a different state.
Death of any of your beneficiaries.
Death of your named Executor or Personal Representative.
Changes to state or federal estate or inheritance taxes.
Death of named Guardians, Trustees or individuals designated in your healthcare and financial power of attorney.
Children or grandchildren reaching the age of 18.
Substantial increase or decrease in the value of your estate.
Change in your family relationships.
The Law Office of Richard Mazzio LLC. works with families and individuals everyday to make sure their estate plan accurately reflects their wishes. If it has been awhile since you reviewed your plan, please give us a call at 908 251-0048 to set up an appointment. We look forward to serving you.