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McCurrie McCurrie
& McCurrie, L.L.C.

680 Kearny Avenue
Kearny, NJ 07032-3010
Phone: (201) 467-4180
Fax: (201) 997-9567
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When to start planning your estate and when to update your plan

There is great comfort and peace of mind in knowing that you've created a trust, written a will and decided who will handle your legal, medical and financial affairs in the event that you can't. But as we all know, life can be unpredictable, and unfortunately many people neglect to update their estate plans when family and other life situations change.

It is important for New Jersey residents to update their plans if any of the following happen:

  • birth in the family
  • death in the family
  • adoption
  • divorce
  • marriage
  • change in employment status
  • diagnosis with a health condition
  • changes in state or federal laws

As far as estate planning law goes, the rules often change. New laws can affect tax liabilities and how assets are distributed. To minimize the ultimate cost to the estate and avoid emotional disputes in probate, an estate planning attorney can help edit the estate plan as need arises.

New laws may also provide for the implementation of a more beneficial strategy. In short, while the feeling of having created a comprehensive estate plan is a good one, situations arise that could either undermine the positive benefits of the plan or offer benefits that you don't want to miss.

Another mistake people make is not planning soon enough. Life is certainly busy, and maybe your assets are significant but not to the point where you think an estate plan is necessary yet. However, asset distribution isn't the only function of an estate plan.

To learn more about Medicare planning, health care directives and medical powers of attorney, please visit our estate planning pages.

Source: Business Insider, "5 Common Estate Planning Mistakes To Avoid," Mandi Woodruff, Oct. 21, 2013

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