Estate planning is an essential step for individuals and families in New Jersey to safeguard their assets and ensure their wishes are respected in the event of illness, accident, or death. Christine Matus (https://matuslaw.com/when-should-i-update-my-estate-plan-in-new-jersey/), a New Jersey estate planning lawyer at The Matus Law Group, provides critical insights into when and why estate plans should be updated to reflect changes in life circumstances, assets, or laws.

Updating an estate plan is often overlooked once documents such as wills, trusts, and powers of attorney are initially prepared. New Jersey estate planning lawyer Christine Matus emphasizes that revisiting these documents regularly is vital. “Your estate plan should not be a static set of documents that you keep in a vault and never look at. As you experience life changes, these documents will need to be reviewed as well so that they accurately reflect your current circumstances,” she explains.

For residents of New Jersey, certain major life events are key indicators that it’s time to review and update an estate plan. Christine Matus recommends consulting with a New Jersey estate planning lawyer to assess how these changes may affect legal documents. One such event is marriage, whether it’s a first marriage or one later in life. Contrary to common belief, a spouse does not automatically inherit an estate in New Jersey, where state law grants spouses only one-third of an estate without a will. Using a will, individuals can override these default distributions, specifying the exact assets they wish to leave to their spouse.

Another critical time to update an estate plan is after having children. Parents can designate a guardian for their children in their will, ensuring that the court doesn’t appoint someone without their input. This is particularly important for blended families, where additional planning may be needed to include stepchildren or provide equitable distributions for all children. Changes in marital status, such as divorce or the death of a spouse, also necessitate updates to estate planning documents. Former spouses may need to be removed as beneficiaries, executors, or agents under powers of attorney, and new arrangements should be made to reflect current wishes.

Relocation is another common reason to revisit an estate plan. State laws vary regarding how estates are handled, and documents drafted under New Jersey law may not align with the regulations of a new state. Christine Matus advises reviewing all state-specific elements of an estate plan after moving to ensure compliance with local laws and to account for potential differences in tax implications.

While life events are significant triggers, estate plans should also be reviewed periodically. As a general rule, Christine Matus recommends revisiting documents every three to five years. Legislative changes, particularly in tax laws, can also impact the effectiveness of wills and trusts, making regular consultations with a New Jersey estate planning lawyer essential. Asset changes are another reason for updates. Acquiring new property, investments, or other valuable assets should prompt a review to ensure they are included in trusts or other estate planning mechanisms. Similarly, selling significant assets may require revisions to distribute remaining assets appropriately.

Trusts are a common component of many estate plans, and like wills, they need regular updates to remain effective. Christine Matus highlights that trusts should be reviewed after major life events such as marriage, divorce, the birth or adoption of children, or the death of a family member. Changes in asset portfolios or tax laws also necessitate updates to trusts to ensure they align with current circumstances and goals. “Regular reviews with a qualified New Jersey estate planning attorney can help keep your trust accurate, legally compliant, and aligned with your wishes, providing peace of mind that your estate will be managed according to your intentions,” says Christine Matus.

An estate plan is not a one-time task. Life changes, financial shifts, and evolving laws require periodic reviews to keep documents current and effective. Christine Matus urges individuals to treat estate planning as an ongoing process rather than a one-and-done endeavor. Families who plan to travel for extended periods should also consider revisiting their estate plans. This is particularly important for those engaging in risky activities or spending extended time away, as an up-to-date estate plan ensures their wishes are clearly documented and enforceable.

Maintaining an up-to-date estate plan is one of the most important steps New Jersey residents can take to protect their families and assets. Whether prompted by major life events or routine reviews, consulting with an experienced New Jersey estate planning lawyer ensures that documents reflect current wishes and comply with all legal requirements. For those seeking assistance with estate planning, Christine Matus and The Matus Law Group provide knowledgeable guidance tailored to individual needs. 

About The Matus Law Group:

The Matus Law Group, led by New Jersey estate planning lawyer Christine Matus, is dedicated to helping families plan for the future through personalized estate planning services. With a focus on wills, trusts, and other vital legal tools, the firm is committed to ensuring clients’ assets are protected and their wishes are honored.

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Website: https://matuslaw.com/monmouth-county-nj/