-- Keeping a will and estate updated can often prevent future confusion and the threat of litigation rising within families, said Attorney Benjamin A. Goldburd.
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Creating a will or estate plan is one of the most important steps in safeguarding legacies and ensuring a person’s wishes are respected after their passing. A 2025 Wills and Estate Planning Study by Caring.com found that only 24% of Americans have a will — down from 33% in 2022 — meaning more than half of U.S. adults now have no will at all.
If an estate plan is created, one of the biggest mistakes is assuming that once a will is written, the job is done. “In truth, estate planning is not a one-time event; it’s an ever-evolving process that should adapt as life, family, and financial situations change,” outlined Benjamin A. Goldburd of Goldburd McCone, LLP.
He outlined a number of scenarios when an estate should be updated to ensure that it mirrors a person’s personal and financial situation as closely as possible.
Significant changes in personal or family life are prime reasons to update a will. These can include marriage or divorce, which can dramatically affect inheritance rights. In many states, marriage may automatically entitle a spouse to a share of an estate, while divorce can revoke bequests or fiduciary roles granted to a former spouse.
Goldburd said that the birth or adoption of a child or grandchild should automatically be added to an estate to ensure they are included as beneficiaries. Conversely, the death of a loved one, someone named in an estate, or the executor requires the estate to be adjusted to reassign roles or redistribute assets.
“Changing family dynamics, such as a reconciliation with a loved one, or the estrangement of a relative, may warrant a reassessment of your estate plan,” he commented.
Another area that often affects couples and families is the financial landscape, which is a key factor in determining how and to whom assets are distributed. Any significant shift in wealth should trigger a review of the estate.
He said that acquiring or selling major assets, such as property or land, businesses, or investments, can substantially change the value of an estate. If these aren’t reflected in a will or trust, the distribution could become confusing or contested.
“Major gains from inheritance windfalls or business growth will often require tax planning adjustments. Also, if your estate’s value changes, you may want to revise charitable gifts or bequests.”
Goldburd warned that moving to a new state is the best time to review a will, as state rules can differ on executor requirements and the fundamentals of probate procedure. Equally, federal and state tax codes directly affect how estates are taxed and distributed.
Goldburd further advised that if a person’s health changes, such as a serious illness or a decline in health, then it can be a critical time to revisit estate and advance directives.
“You may want to update your healthcare proxy or living will to ensure your medical wishes are honored, while also considering any long-term care provisions or trust arrangements.”
He added: “If there are no major life or financial changes, then an estate should be reviewed at least every three to five years to ensure that assets and accounts align, beneficiaries and executors are still appropriate, and the likes of digital assets are incorporated.
“All these updates can relieve stress for you and your loved ones, providing clarity and peace of mind.”
Outdated documents and an estate can often lead to confusion, family disputes, and unintended consequences that fail to align with a person’s wishes. The result could be costly litigation if, for example, children from a previous marriage are retained in the estate plan when a person has remarried and now has stepchildren.
The Attorney said that biological children and stepchildren could become competing beneficiaries in legal arguments and proceed to tear a family apart when that was never the decedent’s intentions or wishes.
He concluded: “By keeping an estate plan current, you can ensure that your loved ones are protected, assets go to those that you intend to and your wishes are aligned and honored without the threat of costly and timely litigation.”
Source: http://RecommendedExperts.biz
Contact Info:
Name: Benjamin A. Goldburd
Email: Send Email
Organization: Goldburd McCone LLP
Address: 11 Broadway, Suite 1155, New York, NY 10004
Phone: (646) 663-8226
Website: https://www.goldburdmccone.com
Release ID: 89187902
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