Long Island estate planning attorney Seth Schlessel (https://www.schlessellaw.com/how-often-should-you-update-your-new-york-estate-plan/) emphasizes the importance of regularly reviewing estate plans in light of life changes, financial shifts, and evolving laws. In a recent article titled “How Often Should You Update Your New York Estate Plan?”, Schlessel outlines key situations that call for timely updates to avoid complications and ensure an estate plan stays aligned with personal wishes and legal requirements.
An estate plan is not a one-time document but a dynamic tool that should evolve along with major life events. As a Long Island estate planning attorney, Schlessel advises individuals to review their estate documents every three to five years or sooner if circumstances change. Marriages, divorces, births, deaths, or significant financial developments are just some examples that should trigger a reevaluation. “Regular reviews and updates are crucial to reflect your current wishes and allow your assets to be distributed as you intend,” the article states.
Seth Schlessel, a Long Island estate planning attorney at Schlessel Law PLLC, notes that state-specific legal shifts, particularly in New York, can also impact the validity and effectiveness of estate documents. Tax laws are especially critical, as changes to federal and state exemptions or rates can substantially affect how much wealth is preserved for beneficiaries. Consulting with a legal professional who understands the nuances of New York law can help keep an estate plan compliant and beneficial.
The article also highlights practical events that may necessitate an update. For example, having or adopting a child introduces the need for both guardianship planning and the inclusion of a new beneficiary. Similarly, changes in marital status—whether through marriage or divorce—require prompt updates to reflect new relationships and remove former spouses from estate roles and inheritance paths. Business success, real estate acquisitions, or new income sources like intellectual property should also prompt consultation with a Long Island estate planning attorney to update asset distribution plans and related documentation.
Health is another driver for timely updates. A serious or terminal diagnosis calls for swift adjustments to end-of-life care directives and asset distribution plans. Retirement is another milestone that may require adding or removing beneficiaries and checking that annuities and other estate vehicles reflect current wishes. Moving to a new state is equally important, as different jurisdictions have varied rules and could affect the validity of estate documents executed elsewhere.
In today’s digital world, digital assets such as social media accounts, online photos, and cryptocurrency are increasingly part of an estate. The article encourages including digital asset instructions in estate plans to help heirs manage and access these resources effectively. “Digital assets are an essential part of our lives,” the article explains. Without proper planning, loved ones could face barriers in retrieving or preserving them.
Another key consideration involves legislative updates that can alter estate and gift tax exemptions or introduce new compliance requirements. Schlessel advises that reviewing plans in light of these shifts can help avoid unnecessary tax burdens and keep asset transfers legally sound. Lifetime gifting strategies and trust creation might need to be restructured as laws change.
When it comes to wills, the recommendation is clear: review and possibly revise them every few years or after significant events. These regular updates help prevent disputes, ensure executors are still willing and able to serve, and verify that beneficiaries are still aligned with current intentions. For example, if a named executor becomes unavailable or relationships with heirs change, a revised will helps avoid legal challenges.
Trusts also play a significant role in estate planning. Whether using a revocable living trust or an irrevocable trust, it’s essential to understand how each functions. While a revocable trust allows the grantor to maintain control during their lifetime, an irrevocable trust moves assets out of the estate and can offer protection from estate taxes. Trusts, unlike wills, help avoid probate—a legal process that can be costly and time-consuming.
Working with a Long Island estate planning attorney like Seth Schlessel can provide guidance in distinguishing between wills and trusts and selecting the best option for a given situation. Trusts can also allow grantors to control when and how beneficiaries receive assets, which is especially helpful when planning for minors or individuals with special needs.
An effective estate plan goes beyond asset distribution. It can also include naming guardians for minors, appointing healthcare proxies, and creating a durable power of attorney. These measures help maintain control over personal health and finances if incapacity occurs.
Keeping an estate plan current helps avoid disputes, reduce taxes, and support the long-term well-being of heirs. Planning also helps families avoid drawn-out court battles or confusion during already difficult times. Seth Schlessel and his team at Schlessel Law PLLC focus on helping clients in Long Island navigate these essential updates with care.
Those who haven’t updated their estate plans in several years or who have experienced major life changes may benefit from scheduling a review. Schlessel Law PLLC offers consultations to assess current estate plans and recommend necessary updates to protect assets and loved ones.
About Schlessel Law PLLC:
Schlessel Law PLLC is a trusted legal resource for estate planning in Long Island. Led by attorney Seth Schlessel, the firm provides guidance on wills, trusts, tax strategies, and healthcare directives to help individuals and families protect their futures. The firm serves clients throughout Long Island and is committed to clear communication and legally sound estate planning solutions.
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