[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.amorusolaw.com\/blog\/why-should-i-review-my-estate-plan-yearly\/#BlogPosting","mainEntityOfPage":"https:\/\/www.amorusolaw.com\/blog\/why-should-i-review-my-estate-plan-yearly\/","headline":"Why Should I Review My Estate Plan Yearly?","name":"Why Should I Review My Estate Plan Yearly?","description":"Once you create your estate plan, you shouldn\u2019t stick it in a drawer or safety deposit box until you pass away. Your estate plan should evolve as you do. It needs to change as your circumstances or laws change. Otherwise, it could lead to unnecessary conflicts once you are gone.\u00a0\u00a0 Why Should I Review My […]","datePublished":"2024-06-19","dateModified":"2024-11-21","author":{"@type":"Person","@id":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/#Person","name":"Amoruso & Amoruso LLP","url":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/","identifier":5,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Amoruso & Amoruso LLP","logo":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","width":0,"height":0}},"image":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2024\/06\/Why-Should-I-Review-My-Estate-Plan-Every-Year.png","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2024\/06\/Why-Should-I-Review-My-Estate-Plan-Every-Year.png","height":600,"width":800},"url":"https:\/\/www.amorusolaw.com\/blog\/why-should-i-review-my-estate-plan-yearly\/","about":["Estate Planning"],"wordCount":519,"articleBody":"Once you create your estate plan, you shouldn\u2019t stick it in a drawer or safety deposit box until you pass away. Your estate plan should evolve as you do. It needs to change as your circumstances or laws change. Otherwise, it could lead to unnecessary conflicts once you are gone.\u00a0\u00a0Why Should I Review My Estate Plan Annually?Annually reviewing your estate plan ensures that it is up-to-date with any changes to your personal and financial circumstances over the prior year, such as:MarriageDivorceBirth of children or grandchildrenDeath of your nominated executor, trustee, or beneficiary of your will or trustSubstantial changes in incomeAcquisition of high-value assets, such as real estateReceiving a large inheritanceRelocation to a new stateAdverse changes to your healthChanged preferences or wishes, including substituting your executor or trustee, removing or adding beneficiaries, or changing distributions from your will or trustsReviewing and updating your estate plan yearly also allows you to optimize it with new or amended estate and tax laws.\u00a0How Do I Update My Estate Plan?An experienced estate planning lawyer can review your existing plan, discuss events that may have occurred since you last revised it, and advise you on any changes to regulations that could benefit you. You can also discuss changes to your preferences or wishes that you want to incorporate into your estate plan. A comprehensive estate plan looks at every aspect of your life so the plan you have today will accomplish your long-term goals.\u00a0\u00a0Key Components of an Effective Estate PlanDepending on your financial and personal situation and your estate planning goals, your estate plan may incorporate elements like:Will \u2013 A will allows you to appoint someone to manage your estate after your death, designate how you want to distribute your assets, and nominate someone to serve as guardian for your minor child if you and your co-parent both pass away.\u00a0Trusts \u2013 In a trust, you can appoint someone as a trustee to hold and manage assets on behalf of your designated beneficiaries. Trusts can protect assets from creditors or other parties, reduce your heirs\u2019 tax liabilities, and simplify the distribution of assets to loved ones after death by avoiding probate.\u00a0Power of attorney \u2013 A power of attorney authorizes an agent to make legal or financial decisions if you become incapacitated.\u00a0Health Care Proxy \u2013 A health care proxy appoints someone to make medical and end-of-life decisions based on your preferences if you cannot do so.\u00a0Beneficiary designations \u2013 With financial accounts or life insurance policies, you can nominate people to receive assets or benefits through beneficiary designations.\u00a0Contact an Estate Planning Lawyer Today to Review Your Estate PlanDo you need to review or update your estate plan? The experienced attorneys at Amoruso & Amoruso LLP have over 60 years of combined experience building comprehensive estate plans for clients in New York and Connecticut. We can recommend whether any changes should be made to your existing estate plan and discuss the best ways to achieve your goals. Contact us today for a confidential consultation with an experienced estate planning attorney.\u00a0"},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/www.amorusolaw.com\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"Why Should I Review My Estate Plan Yearly?","item":"https:\/\/www.amorusolaw.com\/blog\/why-should-i-review-my-estate-plan-yearly\/#breadcrumbitem"}]}]