Creating an estate plan in New York for the first time can be challenging. When it’s over, you might hope that you are you are finished with the process. However, depending on where life takes you, it’s safe to say that you will need to revise it from time to time.
Do estate plans have an expiration date?
Technically, estate plans don’t have an expiration date. Depending on the circumstances, a will could be valid even if it was written 50 years ago. However, if you fail to update your will when your life changes, your will may not reflect what you would want to happen.
Your will might reflect your assets and your wishes at the time that it’s written. However, everyone’s life situation changes over time. You might get divorced, have a child, buy a new house or move to a new state. People you mentioned in your will might pass away. If you die without updating your will, this could cause serious issues for your family members and beneficiaries.
For this reason, it’s important to update your estate plan whenever your life changes.
How do you create an estate plan?
An estate plan is an all-encompassing set of documents that includes your will, guardianship for minor children, your health care directive, your selection for power of attorney and more. You’ll have to evaluate your assets and properties and figure out a plan that allows your beneficiaries to receive the largest share of your estate with a minimum of court costs and delays. An attorney can help you write an estate plan and keep it updated as needed.