The new year is a great time to consider updating or revising your estate plan. Things change from year to year, so it is a good idea to pull out your estate plans periodically to be sure that it still says what you want it to say. Your estate plan is important to both you and your loved ones, so it is vital that it is correct and remains up to date. Below are a few changes that may have happened this year that might trigger the need to revise your plan. It is important to speak with a New Jersey estate planning attorney before you make any major financial decisions for the upcoming year.
Changes in Family Members
The most common change to an estate plan deals with adding or removing family and friends from your list of beneficiaries. Perhaps you experienced the following changes this year. If so, you likely need to make a few alterations to your estate plan:
- The birth or adoption of a new child or grandchild
- Changes in the number of dependents, such as caring for an adult
- Marriage or divorce
- Illness or disability of a spouse
Remember that even if your family changes, your estate plan will only change with it if you are active in updating your plan. Regardless of age or wealth, an NYC estate plan can help frame the decisions that matter to you and your family, while reviews after major life changes help keep those decisions current.
Additions or Sale of Large Assets
The purchase or sale of a large asset, such as a home, will often have a profound effect on your estate plan. It may alter who should get what to keep things balanced among dependents or children, and it may make sense to leave the asset to one or more designated people instead of lumping it in with your personal assets. If preserving assets for children and later generations is also a priority, you can consult with bloodline trust lawyers in New Jersey to evaluate whether a bloodline trust belongs in the revised plan.
Whether you have bought or sold a significant asset, you should account for that change in your estate plan.
Estate Planning Attorney in New Jersey – The Matus Law Group
Christine Matus, Esq.
With more than 30 years of legal experience, Christine Matus helps New Jersey families make important decisions about their estates and financial futures. As the founder of The Matus Law Group, she assists clients with wills, trusts, asset protection, and other estate planning matters. Christine earned her law degree from Touro College, Jacob D. Fuchsberg Law Center, and was admitted to the New Jersey Bar in 1995.
Beyond her legal practice, Christine serves on the Board of Trustees of the Ocean County Bar Association and is a member of the New Jersey State Bar Association. She has also lectured on estate planning and special needs planning and co-authored publications addressing elder law and long-term care. Her work focuses on helping families establish and maintain estate plans that reflect their changing needs, protect their assets, and provide for future generations.
Changes Regarding Your Trustees and Guardians
You can name a guardian for your minor children in your will. If the designated guardian’s circumstances change, such as illness, death, or even the birth of new children of their own, then you may want to change whom you have listed as the guardian.
If your trustee or executor passes away, becomes unable to serve, or is no longer the right person for the role, you should review and update your estate planning documents. Without a designated successor, court involvement could become necessary to appoint someone to manage your trust or estate. Working with a Monmouth County estate planning attorney can help you review these appointments, name suitable replacements, and ensure your documents continue to reflect your wishes.
Other Financial Changes
Some financial changes may warrant alterations in your estate plan as well. For example, if you start your own business, dealing with those assets and liabilities may drastically affect your estate plan, depending on the type of business and how it is formed. Broader tax developments, including the potential effects of the 2026 estate tax exemption sunset in New Jersey, are another reason to review whether the plan still reflects your financial circumstances and goals.
If you or your spouse receives an inheritance, gift, promotion, or start a new job, your estate plan may need to be altered as well.
It can be difficult to determine what circumstances warrant a change in your estate plan. As such, it is a good idea to check in with your estate planning attorney on an annual basis to ensure that your estate plan is in good shape for the new year. Call the team at Matus Law Group to set up an appointment to go over your current plan.
Keep Your Estate Plan Up to Date with The Matus Law Group
Reviewing your estate plan at the end or beginning of each year helps ensure that your documents continue to reflect your wishes and current circumstances. Changes in family relationships, finances, beneficiaries, or appointed decision-makers can affect how your estate plan works. Regular reviews can help identify necessary updates and reduce the risk of complications for your loved ones.
At The Matus Law Group, our New Jersey estate planning attorneys help individuals and families review existing documents, make necessary changes, and prepare for the future. Whether you need to update your will, revise a trust, or change beneficiary designations, our team can help you determine the next steps. Call (732) 281-0060 to schedule a consultation and make sure your estate plan continues to meet your needs.
