205 Newbury St, Framingham, MA 01701 (508) 875-5222
189 Wells Ave, Newton Centre, MA 02459 (617) 618-9160

Rubin Hay PC Law Blog

Tuesday, March 07, 2017

The New Year is a Great Time to Review Your Estate Plan

The New Year serves as a time of change for many individuals. Some people commit themselves to New Year’s resolutions, while others simply look forward to a fresh start.

The New Year also happens to be a great time to revisit your estate plan with your estate planning attorney. By doing so, you can address any changes you need to make as a result of new circumstances in your life that occurred over the last year.

The following are just a few examples of major life changes that could necessitate updates to your estate plan:

  • A marriage, remarriage or divorce of a child
  • The birth or adoption of a child or grandchild
  • The death of any of your family members
  • Any illness or disability suffered by you or any of your family members
  • A child or grandchild having reached adulthood
  • The death of a person who you had named as a trustee or guardian for minor children in your will
  • Changes to your long-term care insurance policy
  • Significant changes in your employment status or income
  • Your retirement or your spouse’s retirement
  • The sale or purchase of either a primary or secondary home
  • Receipt of a large inheritance or gift
  • Sale of a business or business interest

Make changes when necessary

Reviewing your estate plan gives you an annual refresher of what your situation looks like so you can gain greater awareness of the possible changes in your life that would necessitate adjustments. If you do need to take action, an estate planning lawyer will help you in that process.

You may also consider creating a document that contains an inventory of all your assets and their locations, various account numbers and passwords, information on retirement plans and insurance policies, lists of important contacts and any other personal preferences regarding the distribution of your estate after your passing.

This document will be very helpful to the person(s) you appoint to administer your estate

Rubin Hay is a law firm in Framingham and Newton, Massachusetts, that delivers exceptional expertise in the areas of estate planning, elder law, probate and business law. We assist families, individuals, and businesses in Newton, Wellesley, Natick, Framingham and the surrounding areas.

 
 




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205 Newbury Street, Framingham, MA 01701
| Phone: (508) 875-5222
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| Phone: (617) 618-9160

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