Every New York adult will benefit from having a plan for the future. An estate plan allows one to decide what will happen to assets, personal property and wealth after passing away, as well as outline health care preferences in case of an emergency. Each individual can customize his or her plan based on specific preferences and objectives. It is also prudent to carefully review plans from time to time.
Life is constantly changing, and estate plans should not be an exception. After major life events, such as a divorce, remarriage, the birth of a child and more, estate plans should change accordingly. You may benefit from knowing how to audit your own estate plan and how to identify areas where you need to make adjustments and updates.
Things to consider for your plan
Estate planning allows you to decide what will happen to your wealth and property after you pass away. One of the most important things you can do when reviewing your plans is to consider what you want to accomplish. You can give to charity, pass money to loved ones, take care of a special needs family member and more. Some of the things you may need to do when going over your plans include:
- Consider establishing a trust for a specific goal you have.
- Make sure to fund existing trusts properly.
- Talk to the people who will be executing your plans.
- Make sure you have powers of attorney and a living will.
- Change beneficiary designations, as necessary.
It may also be helpful to consider how your plans will work in the future. For example, you may want to think about the potential tax consequences of passing wealth to another person in a specific way. It may be necessary to adjust plans in order to mitigate potential financial burdens for your heirs and beneficiaries.
Peace of mind
A strong estate plan can give you peace of mind for the future. Once you have one, however, your work is not over. There are things you will need to do to ensure your interests are secure long-term, and this includes auditing your plans on a regular basis. You may need additions or adjustments to maintain control over what will happen to your estate and with your health care in the future.