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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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Know when to update your New Jersey estate planning documents

By now, everyone who has read this blog knows the importance of having a will. Instead of rehashing the importance of a will, it is time to discuss when you should review or update the will. There are several guidelines that should be followed regarding the updating of your estate planning documents.

The first point that New Jersey residents should know is that updating your estate plan doesn't always have to be a complicated matter. In some instances, such as minor changes, all that is needed is a codicil. A codicil is an amendment to the document that makes the minor changes known. When there are bigger changes or more complex changes, a complete revision might be necessary.

Generally, you should check your estate plan every one to two years. Some people, however, don't review the documents that often. As a general guideline, you shouldn't ever let more than a decade elapse without reviewing your estate planning documents.

There are some important life events that necessitate a review of your documents. Changes to your liabilities, assets, health and marital status usually require that you update your estate plan. Having children or adult children moving out of the home might mean you need an updated estate plan. You also need to review your estate plan if you move to another state or if you travel extensively.

Lastly, you should review your estate planning documents when you need to update the person you have listed as the estate administrator or those whom you have given powers of attorney. Making these updates as soon as you realize they are necessary is vital since these people play an important role in your will execution and end-of-life care.

With all of these considerations, you might realize how important it is to fully understand the laws pertaining to estate planning.

Source: Investing Daily, "Knowing When to Update Your Plan" Bob Carlson, Jun. 04, 2014

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