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Law Offices of
Michael Rosenberg

3 Spruce Hollow
Armonk, NY 10504
Phone: (914) 683-0800
Fax: (914) 273-3285
mr@mrosenberglaw.com

Law Offices of Michael Rosenberg
 
Update Your Estate Plan
When Circumstances Change

By Michael Rosenberg
Reprinted from "Perspectives" newsletter

If you have not reviewed your estate plan recently, and there has been a major change in your circumstances, you may be surprised to find that the plan no longer works. It's quite common for people to amend their wills, trusts, and powers of attorney several times over the years. In some cases—such as the birth of a child, marriage, or death of a spouse—one or more of those documents may need to be totally rewritten. Here are some landmark events that should trigger a review of your estate plan:

Changes in personal relationships
Changes in personal relationships may require updating your estate plan. Review your plan in the event of marriage, divorce, death of your spouse or beneficiary, birth or adoption of a child or grandchild, or estrangement of a child, sibling, or other heir. Note that in New York, a divorce automatically voids any bequest in a will to the former spouse of the will maker; but bequests to beneficiaries of life insurance, trusts and employee benefits are not affected.

Changes in health or financial situation
A drastic change in your physical or mental condition, such as a catastrophic illness, should trigger a review. So should significant changes in your net worth, salary, or pension; as well as the purchase, sale, or mortgaging of a business or real estate.

New laws
Federal and state tax laws, not to mention state laws governing wills and trusts, significantly affect estate planning. For example, in 2001 the laws governing federal estate and gift taxes changed significantly. New York estate tax laws underwent major change in 2000 and were further affected by the federal changes in 2001. You should review your will and trusts, and take advantage of opportunities to save substantial estate taxes and avoid new pitfalls.

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