Weinstein & Randisi
Phone:585-310-1578
Toll free:800-768-1780

Resize the Content Text

Make it a practice to update your estate plan

Every New York resident should make it a practice to review his or her estate plans each January. Indeed, life circumstances can change throughout the year, and the best way to ensure those changes do not conflict with your existing estate plan is to perform an annual checkup. This article will discuss the areas you should review to make sure you are fully up to date.

First, take a look at your existing estate planning documents. If you did a good job with your estate plan, you should have a health care directive, durable power of attorney, revocable trusts and/or a will on file. Some life changes that could trigger updates to these documents include moving to a different state, a change in value to your assets, buying real estate in a different state, a death in the family, changes to inheritance laws, divorces and more. If one of these changes has occurred, then you may need to change your listed beneficiaries, alter the dispensation of your assets and/or update your documents to reflect different laws.

Second, review your life insurance coverage. Sometimes, life changes will trigger the need to update or change your life insurance. For example, what does the beneficiary information say on your life insurance documentation? Have there been any divorces, deaths, or changes in relationships, and does your beneficiary information need to be adjusted to reflect them?

Third, look over the assets that are included in your estate. The type and value of your assets could mean different kinds of state and/or federal tax implications. These tax implications should be understood and suitable strategies should be implemented to reduce your estate's exposure to tax liabilities. For example, revocable trusts, dividing ownership of your assets in different ways and gifting assets to your heirs before you die could help lessen your estate's tax burdens.

By consulting with an estate planning lawyer, New York residents can pinpoint the most important areas to review in their annual estate planning check up. They can also determine what can be done to bring their estate plans back up to speed.

Source: Time, "Estate Planning Checkup: 3 Items to Review Now," Tracy Craig, Jan. 20, 2016

No Comments

Leave a comment
Comment Information
  • I wanted to write to say how pleased my wife and I were at your professional handling of our estate planning and preparation of new wills. We were put at ease by your visit to our home for an interview and were pleased that you listened to us and captured the things that we felt were important.

    --Robert and Christine Simonson, Fairport
  • In order to finalize the documents we came to your office and were greeted in a very professional manner and we could not have asked for finer service. We left with copies of everything we needed and feel very confident our needs have been met. Thanks again. We will surely recommend you should the opportunity arise.

    — Christine and Robert Simonson, Fairport
  • I have been working with Weinstein & Randisi for about two years now. Elizabeth Randisi, through a very thorough process, has helped my wife and me determine what is really important in our lives. Thus, we were able to draft a living will that reflected our most important values regarding our estate.

    --David and Ajia Cherry, Fairport
  • I would like to give a testimony for Elizabeth Randisi, an estate attorney with Weinstein & Randisi. Her knowledge of wills and estate planning was clearly demonstrated in her presentation to us. Realizing our need for a will, my husband and I went to see Elizabeth.

    --Kathy and Gary Gray, Webster
  • Filing for Medicaid is never an easy or fun process. However, working with the Weinstein & Randisi firm made the process simple and streamlined. We were able to obtain all files and records regarding Medicaid enrollment within a few days using specially prepared checklists and verbiage recommended by our assigned paralegal.

    --Ajia and David Cherry, Fairport
Awarded Top 50 Estate Planning Blog
Email Us For a Response

How Can We Help You?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Blog Feed

Blog

Weinstein & Randisi - estate planning

290 Linden Oaks, Ste. 200
Rochester, NY 14625

Toll Free: 800-768-1780
Phone: 585-310-1578
Rochester Law Office Map

Map

Call us now for a free, 100% confidential consultation: