Taking steps to complete an initial last will and testament in New York could help surviving family members deal with many responsibilities, including asset distribution. Does the current will reflect what the testator wants and the family needs, however? Circumstances may change in time, and a will may need to undergo revisions.
Changing a will to update the document
Why would someone make changes to a will? Legally speaking, the testator could make changes for any reason he or she sees fit. Problems could arise between the testator and a beneficiary. A change in the relationship, such as a divorce, could lead to writing the beneficiary out of the will. On a more positive note, an addition to the family may require writing the recent arrival into the will. The birth of a child or grandchild could reflect such an instance.
Financial situations may experience changes as well. A significant increase in net worth might lead to making changes to asset distribution. If such things are not addressed, then they might not factor into probate.
Addressing legal obstacles
Some changes could involve making directives to help the process. Maybe tax matters become more complicated due to recent changes. Choosing a different executor could become necessary in light of the events.
It’s important to be aware that estate planning entails more than writing a will or creating a trust. Someone may feel that devising a trust seems more appropriate if assets increase to greater value.
Other things to consider include power of attorney, a health care proxy or a living will. Such items might need updates during estate planning. An attorney may help their client create these documents and keep them updated to reflect the client’s wishes and circumstances.