As the new year begins, many of our readers in New York are probably looking to the future to think about how they can make improvements in their lives. Some will promise themselves that they will eat better or exercise more, while others may try to quit bad habits or start new hobbies. But, you shouldn’t ignore your financial well-being if you are looking for self-improvement. As a recent news article mentioned, updating your estate plan can easily fit into your list of New Year’s resolutions.
Updates after changes
Estate planning, as a task, can seem challenging enough to get started. Once an estate plan is done and signed, some people may think that they’ll never need to worry about it again. But, as the recent article noted, you should check your estate plan to make sure that updates are made, if needed, or that new documents are drafted to more accurately reflect your preferences as they change.
Think of your life in the last year, or in the time since you signed your estate planning documents—what has changed? A marriage? A divorce? The death of a beneficiary or heir? A major change in your financial circumstances? These changes, among many others, are just some of the reasons why you may need to make updates to your estate plan.
Each estate plan is unique, reflecting the differences in any given individual’s financial and family situations. While you may have gone through quite a bit to settle on the estate planning options that are right for you and your family, the fact is that estate plans need to be analyzed occasionally to make sure they still work for you. The beginning of a new year is a perfect time to review your estate plan and make the necessary changes.