With so much going into the estate planning process, there could come a point in the future when you realize that changes are necessary. However, altering your estate plan is easier said than done, as you don’t want to make any rash decisions that result in you causing more harm than good.
Here’s what you should do if your estate plan no longer meets your needs:
- Identify areas of concern: Review your entire estate plan to identify areas of concern, thus allowing you to take action. Remember, if you alter one detail you may need to alter another, so it’s critical that you review your plan in its entirety.
- Consider your options: It’s one thing to identify areas of concern, but another thing entirely to take the appropriate action at the right time. For example, if you want to change the guardian of your children, there’s more to it than scratching out one person’s name and writing in another. You should first notify your current guardian that you’re making a change. And then, after choosing a new guardian, adjust your estate plan accordingly.
- Get help: Many people make the mistake of assuming they can alter their estate plan without the help of a legal professional. If you do this, you run the risk of making a mistake, which could cause trouble in the future. Sticking with the example above, if you don’t properly change the guardian designation, it could result in the wrong person raising your children should you pass on before they reach age 18.
You hope that your estate plan will meet your needs for the rest of your life, but don’t be surprised if it requires changes every now and again.
If you come face to face with this, contact us to discuss your concerns and learn more about the steps you can take.
Roger N. Levine is a co-founder of the East Brunswick, New Jersey law firm of Levine, Furman & Rubin, LLC.
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