September is Estate Planning Awareness Month, making it the perfect time to ask an important question: when was the last time you reviewed your will? Many people create an estate plan and then file it away, assuming their work is done. However, life changes quickly. Marriages, divorces, new children, grandchildren, property purchases, business interests, and changes in financial circumstances can all impact whether your current estate plan still reflects your wishes.
Estate Planning Awareness Month serves as an important reminder that a well-drafted estate plan is not a one-time event. Regular reviews can help ensure your loved ones are protected and your assets are distributed according to your intentions.
At UBFK Law, our experienced attorneys help individuals and families throughout New Jersey create and maintain estate plans that evolve with life’s changes.
Why Updating Your Will Matters
A Last Will and Testament is one of the most important legal documents you can have. Your will allows you to determine:
- Who will inherit your assets
- Who will serve as executor of your estate
- Who will care for minor children
- How personal belongings and family heirlooms will be distributed
- How certain taxes and expenses should be handled
Without a valid and up-to-date will, New Jersey’s intestacy laws may determine how your estate is distributed, which may not align with your wishes. Working with an experienced will lawyer residents trust can help ensure your estate plan accurately reflects your goals and complies with current laws.
Life Events That Should Trigger an Estate Plan Review
Many people don’t realize how often estate planning documents should be revisited. Consider reviewing your estate plan if you have experienced any of the following:
Marriage or Divorce
A change in marital status can significantly impact beneficiary designations, inheritance rights, and decision-making authority.
Birth of a Child or Grandchild
Welcoming a new family member is often a reason to update beneficiary provisions, guardianship designations, and trust planning strategies.
Purchase or Sale of Property
Real estate ownership changes can affect how assets are distributed through your estate.
Significant Financial Changes
Starting a business, receiving an inheritance, retirement, or substantial changes in assets may require estate planning updates.
Death or Incapacity of a Named Representative
If an executor, trustee, guardian, or agent named in your documents is no longer able to serve, updates should be made promptly.
More Than Just a Will: Your Estate Planning Checklist
While a will is a cornerstone of most plans, comprehensive estate planning often involves additional documents designed to protect you during your lifetime as well. A basic estate planning checklist may include:
Last Will and Testament
Establishes how your assets will be distributed upon your death.
Durable Power of Attorney
Authorizes a trusted individual to manage financial and legal matters if you become incapacitated.
Healthcare Proxy and Advance Directive
Allows someone to make medical decisions on your behalf and outlines your healthcare preferences.
HIPAA Authorization
Permits designated individuals to access important medical information when necessary.
Trust Planning
Depending on your goals and circumstances, trusts can provide additional flexibility, privacy, and asset protection.
Common Estate Planning Mistakes
Estate planning mistakes can create unnecessary stress and expense for loved ones. Some common issues include:
- Failing to update documents after major life events
- Not naming alternate executors or agents
- Overlooking beneficiary designations
- Failing to address digital assets
- Keeping outdated powers of attorney
- Assuming estate planning is only for wealthy individuals
A periodic review can help identify and correct these issues before they become problems.
How Often Should You Review Your Estate Plan?
Even if there have been no major life changes, many estate planning professionals recommend reviewing your documents every three to five years. Regular reviews help ensure:
- Your wishes remain current
- Beneficiary designations are accurate
- Fiduciaries are still appropriate choices
- Documents comply with current laws
- Your family remains adequately protected
Estate planning should grow and evolve alongside your life.
Why Estate Planning Is Important for Every Family
Many people assume they don’t need an estate plan because they don’t consider themselves wealthy. The truth is that estate planning is about much more than money. An effective estate plan allows you to:
- Protect your loved ones
- Minimize family disputes
- Provide instructions during incapacity
- Ensure your healthcare wishes are respected
- Maintain control over important decisions
Whether you’re a young parent, business owner, retiree, or empty nester, estate planning remains one of the most valuable steps you can take for your family’s future.
Estate Planning Services in Manalapan and Monmouth County
At UBFK Law, we help clients throughout Manalapan, Marlboro, Freehold, Colts Neck, Howell, across Monmouth County and throughout New Jersey develop customized estate plans tailored to their unique needs and goals.
Our attorneys take the time to understand your circumstances and ensure your estate planning documents provide the protection and peace of mind your family deserves.
Book a Estate Planning Review Today
Estate Planning Awareness Month is the ideal time to make sure your documents still reflect your wishes and protect the people who matter most.
Book an estate planning review with UBFK Law today. Our experienced estate planning lawyer, Shira Frackt, Esq., can help you update your will, review your estate planning checklist, and create a comprehensive plan designed to protect your family and your legacy.
Frequently Asked Questions
How often should I update my will?
Most individuals should review their estate plan every three to five years or after major life events such as marriage, divorce, the birth of a child, or significant financial changes.
What documents should be included in an estate planning checklist?
A comprehensive estate planning checklist may include a will, durable power of attorney, healthcare proxy, advance directive, HIPAA authorization, and trust documents when appropriate.
Do I need a will if I don’t have a large estate?
Yes. A will allows you to determine how your assets are distributed, designate guardians for minor children, and ensure your wishes are honored regardless of your estate’s size.
Why should I work with a will lawyer in New Jersey?
An experienced will lawyer NJ residents trust can ensure your documents comply with state law, accurately reflect your wishes, and provide comprehensive protection for your family.