Ten Reasons to Update an Estate Plan

Generally speaking, it is wise to consider updating your estate plan every three years.  Best case scenario no changes or minor changes are warranted.  However, circumstances may arise where a codicil (amendment) to the Last Will and Testament or even a new Last Will and Testament is recommended.

Here are some common occurrences that may counsel in favor of updating an estate plan:

  1. The Testator (person writing the Will) has amassed substantially more wealth.
  2. The Testator has moved to/from another State.
  3. The Testator has not completed a Health Care Proxy/Living Will and now wishes to do so.
  4. The Testator’s wishes have changed as far as specific bequests are concerned.
  5. Individuals named in the Will (such as executors or Guardians) have changed or have died.
  6. The Testator and/or individuals named in the will have divorced.
  7. Additional children and grandchildren have been born.
  8. The Testator has new charitable gifts he/she would like to make.
  9. The Testator has remarried.
  10. The Testator’s Spouse becomes deceased.

Please keep in mind that this list is not exhaustive and is a guideline only.  Each person is different and each estate plan is different.

For more information about our practice areas and the attorneys who are ready to assist you, please do not hesitate to call us at (914) 338-8050.

Betensky Law PLLC
The Empire Building
26 Village Green, Suite 4
P.O. Box 22
Bedford, New York 10506-0022
(914) 338-8050

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