How to Update Your Estate Plan After Major Life Changes in Rochester

Life is full of changes, and these changes can have a significant impact on your estate plan. Whether you’ve experienced a marriage, divorce, the birth of a child, or the acquisition of significant assets, it’s important to update your estate plan to reflect these life events. Estate planning is not a one-time task—regularly reviewing and adjusting your plan ensures that it aligns with your current wishes and circumstances. At Klafehn, Heise & Johnson P.L.L.C., we are here to help residents in Rochester, NY, and surrounding areas make the necessary updates to their estate plans.

In this article, we’ll guide you through the key life changes that necessitate an estate plan update and provide steps on how to make those updates effectively.

1. Marriage: Updating Your Estate Plan to Include Your New Spouse

Why Marriage Requires an Estate Plan Update

When you get married, your financial and personal circumstances change. You may want to ensure your spouse is included as a beneficiary of your assets, your healthcare proxy, or your power of attorney. Additionally, if you have children from a previous marriage, your estate plan should reflect their interests as well.

What to Update After Marriage:

• Beneficiaries: Add your spouse to your will or trust as a beneficiary.
• Healthcare Proxy: You may wish to make your spouse your health care proxy to make medical decisions on your behalf if you are unable to do so.
• Power of Attorney: Appoint your spouse as your power of attorney to manage your affairs if you become incapacitated.

If you're newly married in Rochester or Brockport, now is the time to ensure your estate plan is updated. Contact us for a consultation to make sure your estate reflects your new marital status.

2. Divorce: Protecting Your Interests and Those of Your Children

Why Divorce Requires an Immediate Estate Plan Update

Divorce is another major life change that necessitates updating your estate plan. If you’ve recently gone through a divorce, you’ll want to review your will, trust, and any beneficiary designations to ensure your ex-spouse is no longer listed as a beneficiary. You may also want to make changes to your health care proxy, power of attorney, and guardianship plans.

Key Updates After Divorce:

• Remove Your Ex-Spouse as a Beneficiary: Update your will and any life insurance policies, retirement accounts, and other assets to ensure your ex-spouse is no longer the beneficiary.
• Appoint a New Power of Attorney and Healthcare Proxy: If your ex-spouse was previously your power of attorney or health care proxy, it’s important to designate someone else, such as a family member or trusted friend.

It’s essential to ensure your estate plan reflects your current circumstances after a divorce. Contact Klafehn, Heise & Johnson P.L.L.C. today to make the necessary updates.

3. The Birth of a Child: Ensuring Your Children Are Protected

Why a New Child Requires an Estate Plan Update

The birth of a child is one of the most joyful events in life, and it’s also a time to make sure your estate plan reflects your new responsibilities. You may want to name your child as a beneficiary of your estate, designate guardianship in the event of your passing, and plan for their financial future.

Key Updates After the Birth of a Child:

• Guardian Designation: If you have minor children, you should designate a guardian in your will to ensure they are cared for if something happens to you.
• Trusts for Children: You may want to set up a trust to ensure your child receives their inheritance in a way that’s protected and managed until they are of a responsible age.
• Beneficiary Designations: Make sure your child (or their trust) is named as a beneficiary of life insurance policies, bank accounts, and other assets.

At Klafehn, Heise & Johnson P.L.L.C., we can help ensure your estate plan is updated to include the appropriate guardians and beneficiaries for your children. Contact us today to learn more.

4. Acquiring New Assets: Protecting Your Investments

Why Acquiring New Assets Requires an Estate Plan Update

Whether you’ve purchased a new home, inherited property, or made a significant investment, acquiring new assets means you need to update your estate plan to reflect these changes. Adding assets to your estate requires clear instructions on how you want those assets distributed and managed after your passing.

Key Updates After Acquiring New Assets:

• Asset Allocation: Make sure your will and trust are updated to account for new property, assets, or investments.
• Review Beneficiary Designations: Update your life insurance, retirement accounts, and other financial assets to reflect new beneficiaries.
• Review Your Trust: If you have a trust, ensure it includes new assets and that the trustee is capable of managing them.

Reviewing and updating your estate plan is essential after acquiring significant assets. Our team at Klafehn, Heise & Johnson P.L.L.C. can help you integrate these assets into your estate plan. Contact us for assistance.

5. Health Changes: Planning for Incapacity and End-of-Life Decisions

Why Health Changes Necessitate an Estate Plan Update

If you’ve experienced a serious health change, it’s essential to review and update your estate plan to ensure your wishes regarding medical care and financial matters are addressed. In the event of incapacity, you need to designate someone you trust to make medical and financial decisions on your behalf.

Key Updates After a Health Change:

• Health Care Proxy and Living Will: Make sure your health care proxy and living will reflect your wishes for medical treatment and end-of-life decisions.
• Power of Attorney: Update your power of attorney to ensure someone you trust can handle financial matters if you become unable to do so.
• Trust Management: If you have a trust, ensure that the trustee is prepared to manage your assets in the event of your incapacity.

Health changes can significantly impact your estate plan, and it’s crucial to ensure your wishes are respected. Contact us to update your estate plan and plan for your future.

Start the New Year with a Secure Estate Plan

Now that you know the importance of updating your estate plan after major life changes, don’t wait to make the necessary updates. At Klafehn, Heise & Johnson P.L.L.C., we are here to help you review and revise your estate plan to ensure it aligns with your current life circumstances and future goals.

Start 2025 with confidence and security—contact us today to schedule a consultation and ensure your estate plan is up-to-date and fully reflects your wishes. Get in touch with us today.

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Legal Disclaimer: This article provides general information about estate planning in New York State and should not be construed as legal advice. For specific legal advice tailored to your situation, please consult with an attorney. Each individual’s situation is unique, and laws can vary from state to state. For personalized guidance, contact the attorneys at Klafehn, Heise & Johnson P.L.L.C. in Rochester, NY. You can contact us here. Portions of this article are considered ATTORNEY ADVERTISING under the New York State Unified Court System Rules of Professional Conduct (22 NYCRR Part 1200). Prior results do not guarantee a similar outcome.