You don't just create your estate plan and leave it forever. Certain life events will necessitate updates to it. Your plan should evolve alongside your life. Maybe you had a new kid, moved to a new state, or have had significant financial changes in your life. Whatever it may be, it might mean you should update your estate plan and call an attorney to help. 

At Pedrani Law LLC, our New York estate planning lawyer can help you create your estate plan and keep it updated. If you need help updating your estate plan, our team is here to help.  Here, we discuss five of the key life events that mean it's time for an update.

1. If You Got Married, Remarried, or Divorced

Marriage, or the end of your marriage, is obviously a big life change. Not only does it affect so much of your day-to-day life, it can also affect your estate plan. If it's a new marriage, you want to make sure your spouse is part of the plan. If you are divorced, you may want to completely change who gets what after you pass away.

2. Birth or Adoption of a Child

A new child is a blessing. Whether through birth or adoption, you want to incorporate that new child into your estate planning. You need to outline who will parent your child should you be deceased. You can also set up trusts to protect your assets for their benefit in the future, especially if they are still minors when the worst happens.

New York law lets parents help determine who will be a child's guardian. Clear wishes from your estate plan can help ensure your wishes are respected.

3. Significant Change in Assets or Income

Changes in your financial situation can have a significant impact on your estate plan. Maybe your business finally took off, or suffered a loss. Perhaps you inherited a significant sum of money or came into some valuable assets in another way. When your financial situation changes, you need to reflect those changes in your estate plan. 

In New York, estate tax thresholds and planning strategies are greatly impacted by your financial situation and how you plan for them. You could face the estate tax cliff without proper planning and a high-value estate. Many of your assets could be lost or distributed in ways you don't want without an update. 

4. Moving to or From New York

If you came to our wonderful State from another, or just moved around within New York, you should update your estate plan. State laws vary widely, and your estate plan may not be optimal in New York. Even within the state, changes can help reflect where you live now and the financial realities associated with it. 

You might also want to change your designated executor, healthcare agent, or trustee to someone closer to you now that you've moved. This makes it easier for you, for them, and for your beneficiaries. 

5. Loss of a Loved One or Unexpected Incapacity

If an important person named in your estate plan predeceases you, or becomes unable to do the job, you need to update your plan right away. If you don't, you could face unnecessary delays or even court intervention. Updating your plan avoids these problems.

Is It Time for an Update? If So, Pedrani Law Is Here to Help

Life changes, and that's a constant we can all count on. Many of the most important changes could affect your estate plan. Making the necessary updates to that plan protects your assets and your beneficiaries. 

Our team at Pedrani Law, LLC can help you with your New York estate planning needs. Contact us today for a consultation.