Estate planning is a critical step in securing one's legacy and ensuring that loved ones are taken care of after death. However, many people mistakenly believe that once their estate plan is completed, it is a "set it and forget it" arrangement. Long Island estate planning attorney Seth Schlessel (https://www.schlessellaw.com/how-often-should-you-update-your-new-york-estate-plan/) of Schlessel Law, PLLC emphasizes that this is far from the truth. Estate plans should be regularly reviewed and updated to reflect changes in personal circumstances, finances, and New York state laws.
As a seasoned Long Island estate planning attorney, Seth Schlessel advises that an estate plan is a living document that must evolve alongside life’s changes. Whether it's the birth of a new child, a change in marital status, or significant shifts in assets, these events can drastically affect the effectiveness and accuracy of an estate plan. According to Schlessel, failing to update an estate plan can result in unintended consequences, such as assets being distributed contrary to the individual's wishes or beneficiaries facing unnecessary legal complications.
Long Island estate planning attorney Seth Schlessel underscores the importance of periodic reviews of estate plans. He suggests that individuals should review their estate plans every three to five years or immediately following significant life events. "Life is unpredictable, and so are the laws that govern estate planning. Keeping your estate plan up to date helps ensure that your wishes are respected and your loved ones are protected," says Schlessel. This proactive approach not only secures one's assets but also provides peace of mind knowing that their affairs are in order.
Estate planning is not solely about preparing for death; it is also about protecting oneself and one’s family during one’s lifetime. Schlessel explains that certain aspects of an estate plan, such as powers of attorney and healthcare directives, are vital for managing unforeseen circumstances like illness or incapacity. A well-maintained estate plan includes these elements, ensuring that one's health and financial decisions are made according to their preferences. Seth Schlessel, as a Long Island estate planning attorney, is committed to guiding his clients through these complex matters, making sure that every detail aligns with their current situation.
One of the critical points highlighted by Schlessel is the frequent changes in New York state laws, which can significantly impact an estate plan. He notes that tax laws, inheritance rules, and healthcare regulations are subject to change, and these changes can either positively or negatively affect an estate plan. "An outdated estate plan might not comply with the latest legal requirements, which could lead to unnecessary taxes or legal challenges," Schlessel warns. Staying informed about these legal shifts and consulting with a knowledgeable estate planning attorney such as Seth Schlessel is essential to avoid potential pitfalls.
Schlessel also points out that relationships can change over time, which is another reason to keep an estate plan current. Estranged family members, new friendships, or even changes in the dynamics of existing relationships can all influence who should be included or excluded from an estate plan. "Your estate plan should reflect your current relationships and intentions, further ensuring that your assets are distributed according to your true wishes," Schlessel explains.
Seth Schlessel encourages Long Island residents to take a proactive stance on estate planning. He emphasizes that an estate plan is not just for the wealthy but is crucial for anyone who wants to control how their assets are handled after they pass away. By regularly updating their estate plans, individuals can avoid common pitfalls such as outdated beneficiary designations, unintentional disinheritance, and family disputes.
For those who have not yet created an estate plan or who haven't reviewed theirs in several years, now is the time to take action. A consultation with a Long Island estate planning attorney such as Seth Schlessel can provide clarity and help ensure that all aspects of one’s estate are properly managed. Schlessel Law, PLLC, can offer comprehensive estate planning services tailored to the unique needs of each client, further ensuring that their legacy is preserved according to their wishes.
Schlessel Law, PLLC, is dedicated to helping clients navigate estate planning with confidence and ease. With the guidance of Long Island estate planning attorney Seth Schlessel, clients can rest assured that their estate plans are up-to-date and reflect their current wishes and circumstances.
About Schlessel Law, PLLC:
Schlessel Law, PLLC, is a trusted law firm based on Long Island, New York, and can offer a range of legal services including estate planning, elder law, and probate. Led by Long Island estate planning attorney Seth Schlessel, the firm is committed to providing personalized and comprehensive legal solutions to meet the unique needs of its clients. Schlessel Law, PLLC prides itself on its client-focused approach and dedication to helping individuals and families protect their assets and secure their future.
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Company Name: Schlessel Law PLLC
Contact Person: Seth Schlessel
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Phone: (516) 574-9630
Address:34 Willis Ave Suite 300
City: Mineola
State: New York 11501
Country: United States
Website: https://www.schlessellaw.com/
