There are many events in a New York resident's life that could trigger an update to their estate plan. If people have yet to draw up their first will, they may start thinking about what to put in their will during the important events in their life. Some of the life events that can tell a person it's time to write or amend a will could be a marriage, the birth of a child, a divorce or the death of a family member.
Many people begin their estate planning after having their first child. A new parent may decide to create a trust for their child or use a will to specify what assets they would like their child to inherit. In addition to leaving an inheritance, a will can be used to assign a guardian for a minor child in the event that the child's parents are deceased.
Marriage and divorce are both important events in a person's life that will usually alter the plans that they have for their estate. A divorce, in particular, is a crucial time to update the beneficiary designations on life insurance policies and bank accounts and change durable powers of attorney.
A person does not have to wait until a pivotal life event to prepare wills and other estate planning documents. An estate plan can be created at any point in life and then amended later on as a person's circumstances change. An estate planning attorney can often be of assistance in both creating these documents and then in conducting a periodic review of them, recommending changes when appropriate.