Am I Too Old to Redo My Will? Part Two
There are also many events that may have occurred in your life that may
alter your Estate Plan, even if you didn’t realize it. The following
events are considered major when it comes to a Will or an Estate Plan,
and you should meet with your estate planning attorney if any of these
are coming in your near future:
Change in financial profile- If you’ve inherited a large amount of money, that could change
your estate’s profile completely. You need to check with your estate
planning attorney to make sure you can try to stay exempt from any state
or federal taxes. Also, if you’ve purchased or sold a business,
your entire financial profile could change greatly and your Will or Estate
Plan should reflect that.
Change in marital status- If you’ve recently gotten married or divorced, many things have
changed and your Will or Estate Plan must be updated to remain relevant.
Also, your old plans may not reflect your current desires (if you’ve
just divorced, you may not want your ex-spouse to be receiving any of
your estate should you pass away).
To sum this all up, you are never too old to redo or revise your Estate
Plan/Will as long as you are not incapacitated. It actually becomes more
important to remain up to date because many things change with time, and
in order to make sure your desires are realized, you must visit your estate
planning attorney often to make sure your Will or Estate Plan is as precise
and up to date as can be.
If you have questions about your Will, or think it may be time to update
your Estate Plan, please reach out to us at (203) 651-5521 or through
the contact form