As your life changes, so will your needs for your estate planning. Generally speaking, New Jersey residents should consider updating their will and other estate documents every three to five years. However, there are many other life circumstances that can mean it’s time to revise your documents.
Changes in your family
Any major changes in your family require revisiting your estate plan. These changes include new children, divorce, marriage, remarriage and the passing of loved ones.
Changes in finances
This may be a change in your ongoing income, such as a new job or new business. It can also be a change in assets. If you have come into an inheritance from someone else passing, you will need to update your estate. If you own real estate and the value of your home has significantly changed, you may wish to consider revising your will.
Change in laws
Tax laws change on a regular basis. It’s a good idea to periodically check for changes in state laws. It is important to be aware that state laws impact estate planning, so if you have moved to a new state you will need to update your estate documents.
Time
The above examples all show that major changes in your life circumstances are indicators that you need to update your estate. Even if your circumstances have not changed, a good practice is to update your estate administration every three to five years. This is because laws may have changed without you being aware, you may have overlooked some necessary changes or have forgotten some important details that have been set in place years prior.
Your estate documents include more than just your will. They also include documents like a living trust, financial information, a power of attorney, and other documents relevant to your health and finances. Maintaining relevant information keeps your estate plan in good order.