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After you create an estate plan, make sure it stays updated

For many New Jersey residents, taking the step of crafting an estate plan is a big move. In fact, most people probably wait too long to have an estate plan drafted but, once it is done, they probably feel a great sense of relief that they have just taken care of a major commitment. However, even after an estate plan has been drafted and executed, there may be work to be done.

As a recent article noted, it is extremely important to remember to keep your estate plan up to date. Everyone experiences changes in life, such as marriages, the birth of children and divorce. These events are impactful in and of themselves, but they can also have a major impact on an estate plan.

The recent article suggested that those who have estate plans should make certain to check it for potential updates on a regular basis. The article recommended reviewing the estate plan every three years, but New Jersey residents may be wise to review the estate plan even more frequently, particular if they are in a time in life when they know that important changes can occur.

If an estate plan isn't up to date when it is needed, unintended consequences may be the result. Personal property may be distributed to the wrong person, the wrong guardian may be named for minor children or certain assets may not even exist anymore. When this occurs, the potential for probate court issues increases. Always make sure that your estate plan is up to date.

Source: recordonline.com, "Review Your Estate Plan Every 3 Years," Bonnie Kraham, March 22, 2017

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