Estate planning is not a one-and-done task. It is an ongoing process that should evolve with your life. In New Jersey, major life changes like marriage, divorce, the birth of a child, or a significant financial shift can all impact your estate plan. Failing to update your documents can lead to unintended consequences, including disputes, delays, and assets going to the wrong beneficiaries.

At Pedrani Law LLC, our New Jersey estate planning attorney is ready to help you update your plan, or get one started. Schedule a meeting today to learn more.

Why You Should Update Your Estate Plan

Your estate plan reflects your wishes at a specific point in time. But life does not stand still. When your circumstances change, your plan should too. Common triggers for an update include:

• Marriage or divorce

• Birth or adoption of a child or grandchild

• Death of a spouse, child, or named beneficiary

• Significant changes in assets or income

• Relocation to or from New Jersey

• Changes in tax laws or estate planning regulations

Each of these events can affect how your assets are distributed, who has authority to make decisions on your behalf, and how your loved ones are protected.

Key Documents to Review and Update

When updating your estate plan, focus on these core documents:

1. Last Will and Testament

Your will outlines how your assets will be distributed and who will serve as executor. After a major life change, you may need to:

• Add or remove beneficiaries

• Update guardianship designations for minor children

• Change your executor or backup executor

2. Revocable Living Trust

If you have a trust, review its terms to ensure they still align with your goals. You may need to:

• Add new beneficiaries

• Remove former spouses or deceased individuals

• Update successor trustees

3. Powers of Attorney

Your financial and healthcare powers of attorney authorize someone to act on your behalf. Make sure the individuals named are still appropriate and willing to serve.

4. Advance Healthcare Directive

This document outlines your medical preferences and appoints a healthcare proxy. If your views or relationships have changed, update this directive accordingly.

5. Beneficiary Designations

Some assets pass outside your will, such as life insurance policies, retirement accounts, and payable-on-death bank accounts. Review and update these designations directly with the financial institutions.

How to Legally Update Your Estate Plan in New Jersey

In New Jersey, you can update your estate plan by:

• Creating a Codicil: A legal amendment to your will that makes specific changes without rewriting the entire document.

• Drafting a New Will or Trust: This is often the best option after major life changes, especially if multiple updates are needed.

• Executing New Powers of Attorney and Healthcare Directives: These documents should be re-signed and notarized to ensure validity.

Always work with an experienced New Jersey estate planning attorney to ensure your updates comply with state laws and are properly executed.

What Happens If You Do Not Update Your Plan?

Failing to update your estate plan can lead to:

• Assets going to unintended beneficiaries (e.g., an ex-spouse)

• Disputes among family members

• Court-appointed guardians for your children

• Delays in probate or trust administration

• Increased tax liability or missed planning opportunities

When to Review Your Estate Plan

Even if no major life event has occurred, it's wise to review your estate plan every 3 to 5 years. Laws change, relationships evolve, and your financial situation may shift over time. A periodic review ensures your plan remains current and effective.

Get Assistance with Updating Your Estate Plan in New Jersey

Updating your estate plan after major life changes is one of the most important steps you can take to protect your legacy and your loved ones. In New Jersey, the process is straightforward with the right legal guidance. Do not wait until it is too late. Review your documents regularly and make updates as needed to ensure your wishes are honored.

Our team at Pedrani Law LLC can assist you in updating or creating your estate plan. Contact us today for a consultation.