Once you have gone through the entire process of creating an estate plan, there are important dates that you must keep in mind moving forward. You should revisit your estate plan after any of the following important life events:
- Marriage: A spouse should be provided for in a person’s will. Even if a spouse is disinherited in a will they are entitled to 1/3 of the estate in New York, called the elective share. Having a spouse gives an estate planning attorney more options in estate planning such as joint gifting, credit shelter trusts, and a higher federal estate tax exemption.
- Children: After having children it is extremely important to name a guardian in your will in case something happens to you and your significant other. Naming someone responsible to take care of your children in this unfortunate event is of utmost importance.
- Passing of a Spouse or Divorce: If either of these situations happen you will certainly need to update your plan. It is highly likely that your spouse was labeled in your estate plan. Updating your estate plan and beneficiaries are necessary to reflect your wishes.
- Financial Shift of Assets: If large enough, a persons estate may be subject to estate tax upon their passing. Estate Planning attorneys can come up with a plan to reduce or even possibly eliminate estate taxes due.
Estate Planning is complicated and difficult to manage if you don’t have an experienced and knowledgeable lawyer to guide you through. For any further information about setting up an estate plan and the process throughout please feel free to give Ira K. Miller & Associates a call at 781-875-2191 or fill out an inquiry form.