The Importance of Maintaining an Updated Will
A graduate of New York University and the City University of New York Law School, Barbara Katsos is the owner of New York City-based Law Offices of Barbara H. Katsos, PC, founded in 1997. In this capacity, Barbara Katsos focuses on providing clients with a range of legal services related to estate planning.
Estate planning refers to the development of a plan for an individual’s personal property and health care desires in the event of death or disability. Property considered to be a part of an individual’s estate includes things such as real estate, securities, life insurance, bank account contents, and personal possessions including automobiles and art.
To ensure an estate plan accurately reflects an individual’s wishes, certain mistakes should be avoided. One of the most common issues in estate planning is the failure of an individual to maintain a current will and testament. Once a will has been created, many individuals don’t consider revising its contents as life situations arise that have the potential to alter personal circumstances. Births, divorces, and even the deaths of named beneficiaries can cause beloved family members to lose out on assets that were always intended for them.
To avoid complications among beneficiaries, wills and trusts should be reviewed at least once every five years. In the event of a major financial, legal, or personal life change, a will should be updated to reflect the holder’s new situation and wishes as soon as possible.