Estate plans form the legal basis for retaining control over your future. These arrangements let you determine what will happen to your assets after your death and protect those assets in the immediate future. One benefit of having an estate plan in place is that they have an element of permanency. Once you execute the necessary documents, an estate plan remains in effect until the relevant time.
However, it is also possible or likely that changes in life circumstances could motivate you to update your estate plan. Options for updating can include modifying existing estate planning documents or adding new documents to your existing plan. Talking with a skilled estates attorney now could help you get started on updating an estate plan in Mount Laurel.
Common Reasons to Update an Estate Plan
Anyone who creates an estate plan will want to craft documents with a level of specificity to their current situation. This means identifying all their current assets, nominating relevant heirs to receive this property in the future, and anticipating upcoming life events.
It is easy to see how one’s life circumstances may change over time. A person may get married or divorced, see the birth of a new child, or obtain significant new assets. This means that a current estate plan in the form of a will, trust, or another testamentary document may now be unclear and confusing in the eyes of the law and one’s heirs.
Therefore, any of these important events could motivate someone to change their goals for their inheritance. Consulting with a lawyer in Mount Laurel now could help someone identify their current goals, anticipate future changes, and understand the best way to update their estate plan.
The Legal Steps Involved in Updating an Estate Plan
The main qualifying factor involved in creating an estate plan is the idea of intent. As long as a probate court can determine that a person intended to create a testamentary document, the court is liable to accept that document as genuine.
The same general concept applies to anyone in Mount Laurel who wants to modify or update their estate plan. For example, a person can only have one will in place at any given time concerning a specific piece of property. This means that, according to New Jersey Revised Statute § 3B:3-13, a person can rescind a current will by drafting a new document. Ideally, the new will should contain language stating that this specifically overrides the old version. Similar concepts apply to trusts, powers of attorney, and other examples of testamentary documents.
In examples where a prior estate planning document does not exist, an attorney is prepared to lead the way in drafting new documents that are sufficiently thorough in covering all existing gaps and defeating any doubts about a document’s authenticity.
Talk with an Attorney About Updating an Estate Plan in Mount Laurel
Having a current estate plan comes with many advantages. Not only could an airtight plan provide security for your heirs after your eventual death, but effective estate plans could also make your coming years much more comfortable. The simple fact is that the more up to date an estate plan is, the more effective it will be.
If many years have passed since you executed your will, or if changes in life now make you want to reconsider past decisions, our dedicated team may be able to help. A skilled lawyer is prepared to evaluate your current testamentary documents, recommend a path for the future, and help with updating an estate plan in Mount Laurel. Reach out our office today to get started.