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Many people wonder how often they should revisit their estate plan. The answer is simple: you should review and update your documents whenever a major life change affects your relationships, finances, or intentions. Regular updates help ensure your will, trust, powers of attorney, and beneficiary designations reflect your current wishes and comply with New Jersey law.
Why Reviewing Your Estate Plan Matters
An estate plan is not a one-time task. Your life will shift over time, and your documents need to keep pace. When your family grows, relationships change, or you acquire new assets, your estate plan should be adjusted so the right people are protected and positioned to act on your behalf.
Life Events That Should Trigger an Estate Plan Update
Significant milestones often affect who you want to inherit your assets or manage responsibilities. When any of these occur, it is time to revisit your plan:
- Marriage or remarriage
You may want to add your spouse as a beneficiary, executor, or agent under a power of attorney. You may also want to consider protections for children from prior relationships. - Divorce or separation
After a divorce, many people prefer to remove an ex-spouse from roles such as executor or trustee. New Jersey law does revoke certain appointments automatically, but not all of them, so a formal update is still important. - New children or grandchildren
Growing families often need updates to beneficiary designations, guardianship nominations, and trust provisions for young beneficiaries. - Death or incapacity of someone named in your plan
If an executor, trustee, or guardian can no longer serve, your plan should identify new individuals or backups.
Financial and Property Changes That Require Attention
Your estate plan is closely tied to your assets. When your financial picture shifts, your plan should shift with it.
Purchasing or Selling Property
Buying a new home at the Jersey Shore, selling an investment property, or acquiring rental units may call for retitling or trust updates. You may also want to ensure the right person inherits the property or receives the proceeds.
Starting, Expanding, or Closing a Business
Business interests create unique estate planning needs. If you form an LLC, buy into a partnership, or restructure your company, your estate plan should reflect ownership changes, succession wishes, and any buy-sell agreements.
Significant changes in savings or investments
Major increases or decreases in retirement accounts, brokerage assets, or life insurance may affect how your property should be divided. These changes often require updates to beneficiary forms, which operate outside of your will.
Relationship Shifts and Family Dynamics
As families evolve, your estate planning choices may need to evolve as well.
Changing your personal representatives
You may decide that a different family member is better suited to serve as executor, trustee, or agent. If a previously chosen representative moves out of state, becomes ill, or you simply no longer trust them with the role, an update is appropriate.
New priorities or charitable interests
If you want to support a charity, fund education for a grandchild, or change how much each beneficiary receives, your documents should reflect those updated intentions.
The Value of Periodic Check-Ins
Even without major changes, reviewing your estate plan every few years can help keep everything current. New Jersey laws and tax rules shift over time. A regular review helps ensure your plan stays legally sound and aligned with your goals. We often recommend a check-in at least every three to five years, even if nothing major has changed.
Planning Ahead for the New Year
The start of a new year is a natural time to take stock of your estate plan. Many people reassess their goals, finances, and family needs during this season. Updating your documents during this period helps you start the year with clarity and confidence, and it ensures your intentions are accurately reflected for the months ahead.
Take the Next Step Toward a More Current Plan
When your life changes, your estate plan should change with it. We can help you review your current documents, identify gaps, and prepare revisions that fit your situation and comply with New Jersey law. If you are wondering whether it is time to update your estate plan, we are here to help you move forward. Contact Bozanian McGregor, LLC to schedule a review and learn what adjustments will best protect your goals.