When should I review my existing estate plan?

Regularly reviewing your estate plan is a prudent practice, ideally conducted every few years. However, specific life events necessitate a more immediate and thorough review. Consulting with a trusted trust and estate attorney in New Jersey becomes crucial after significant life events such as:

• Change of Residency: If you relocate to another state, revisiting your estate plan is essential to ensure it aligns with the legal requirements and nuances of your new place of residence.
• Marriage or Divorce: Changes in marital status, whether through marriage or divorce, warrant a careful review of your estate plan. This ensures that your plan accurately reflects your current circumstances and wishes.
• Addition of Family Members: Welcoming new family members, such as children or grandchildren, necessitates adjustments to your estate plan to address their needs and secure their future.
• Acquisition of Assets: Purchasing property or other titled assets should prompt a review of your estate plan to incorporate these new holdings and guarantee a seamless transition in their distribution.
• Income Changes: A significant increase or decrease in income requires a review of your estate plan to align it with your current financial situation and objectives.
• Windfall of Money: Coming into a substantial sum of money, whether through lottery winnings or an inheritance, demands a careful examination of your estate plan to determine the most strategic and beneficial approach.

In essence, life is dynamic, and your estate plan should evolve with it. Regular reviews, especially after major life events, ensure that your plan remains relevant, effective, and aligned with your current circumstances and aspirations. Consulting with a knowledgeable trust and estate attorney in New Jersey during these pivotal moments is essential for maintaining the integrity and efficacy of your estate plan.