There are many circumstances where revising your estate plan becomes important. As Long Island estate planning lawyer Mark Eghrari explained in a Forbes article, there are six key triggers that definitely necessitate an update to any plans you have made to address end of life issues or to address your legacy. The six key situations where you definitely should revise your estate plan ASAP include:
- When you get divorced.
- If you get married or remarried.
- When a child is born or when you adopt a child.
- If you or any of your family members gets sick or if you or any of your family members sustains a serious injury.
- When tax laws change.
- If you receive an inheritance and the value of your estate increases.
There are many reasons why these six circumstances necessitate a change to your estate plan. For example, you want to make sure that your plan is up-to-date in regards to current tax law so you don’t have to pay a large tax bill that significantly reduces the value of an inheritance that you wish to leave behind for your loved ones. You can find out more about each of these different triggers and why they make it so important to update an estate plan by reading Mark Eghrari’s Forbes article. You can also give us a call at (631) 265-0599 or contact us online to talk with Mark or another member of our legal team to find out about how you can make or update your personalized estate plan.