New Jersey estate planning attorney Christine Matus releases a new article (https://matuslaw.com/4-things-revisit-estate-plans-end-beginning-year/) explaining the four things to revisit in the estate plan at the beginning and end of each year. The lawyer mentions that the new year is a great time to consider updating or revisiting an estate plan. Since one whole year can be a long time, a lot of things may change. Therefore, it is a good idea to re-check the documents and make sure that they still say what the owner wishes them to say.
“The most common change to an estate plan deals with adding or removing family and friends from your list of beneficiaries. Perhaps you experienced the following changes this year. If so, you likely need to make a few alterations to your estate plans such as the birth or adoption of a new child or grandchild, changes in the number of dependents, marriage or divorce, or the illness or disability of a spouse,” says the New Jersey estate planning attorney.
The lawyer explains that even if there are changes in the family, the estate plan will only change if the owner is updating it regularly. Another thing that an estate plan owner must update on a regular basis is the addition or sale of large assets. The purchase or sale of large assets, such as a home, will often have a profound effect on the estate plan.
Attorney Christine Matus says that the addition or sale of a large asset can affect who should get what in order to keep things balanced between the dependents. A significant asset should also be accounted for in the estate plan.
In the article, attorney Matus also says that an owner of an estate plan should always check the name of the guardian for their minor children. There may be changes in the guardian’s circumstances such as illness, death, or even the birth of new children. In this situation, it is important to consider changing who is listed as the guardian.
According to the lawyer, “Some financial changes may warrant alterations in your estate plan as well. For example, if you start your own business, dealing with those assets and liabilities may drastically affect your estate plan, depending on the type of business and how it is formed. If you or your spouse receives an inheritance, gift, promotion, or start a new job, your estate plan may need to be altered as well.”
Lastly, the attorney Matus emphasizes the importance of having a skilled estate planning attorney when dealing with estate planning. An experienced attorney can help the client understand their rights during the transaction and the steps to take.
About The Matus Law Group
The Matus Law Group has a team of real estate attorneys committed to helping families and individuals in real estate transactions in New Jersey and New York. Through a team approach, they work hard to help their clients with their real estate needs. Call The Matus Law Group today at (732) 785-4453.
SOURCE: Press Advantage [Link]
The Matus Law Group is an experienced team of attorneys who can help you and your family plan for life, protect and care for loved ones with special needs, cope effectively with disability and death, and preserve inheritances for future generations.