There are a host of complicated terms associated with the legal practice of estate planning, but the Donohue, O’Connell & Riley team prides itself on making the process as simple for our clients as we can. Download our free comparison chart to learn if a Will, Revocable Trust or an Irrevocable Trust is best for you here.

If you already have an estate plan, then you're off to a great start. If you haven't begun this process yet, now is the time to take the necessary steps to do so. Once your estate plan has been drawn up, it is strongly recommended that you revise and review it every three to five years. 

Whether you're here because you've made those initial steps and are staying ahead of the game, or you just don't know where to start, we have you covered. Here's the top ten reasons why you should update your estate plan:

1. New Child or Grandchild

Welcoming a new child to your family is always a joyous occasion. It is also a great time to ensure your estate will benefit and support the next generation.

2. New Marriage

Make sure that your estate will provide for your new spouse or protect assets from your child’s spouse. Even if you are not yet married, you can adjust your estate to benefit your partner.

3. Retirement

Feel secure as you transition to the next stage of your life by reviewing your estate plan at retirement. 

4. New Laws

Whether or not you plan on moving to a new state, reviewing state laws for regular updates is always wise. In addition, federal laws, including the 2017 Tax Cuts and Jobs Act, continue to adjust for inflation and change over time, so  it is important to make sure your estate maximizes the benefits that these changes provide. 

5. Expand Your Beneficiaries 

Beyond family and loved ones, many clients allocate their estates to benefit organizations and charities that serve their passions.

6. Child Has Reached the Age of 18

Celebrate this important milestone by making sure all your estate documents are up to date and properly recognize your new adult beneficiary. Additionally   adult children need Power of Attorney, HIPAA Release and Health Care Proxy before heading off to college, so that their parents can still act on their behalf in the event of an emergency.

7. Divorce or a Death in the Family

It is important to adjust your estate so that assets allocated to former beneficiaries are redistributed to other loved ones. 

8. Opening a New Business

Safeguard your livelihood by establishing a business succession plan in your estate.

9. Receiving an Inheritance

If you find yourself the beneficiary of a sudden windfall, be sure to account for your new assets in your estate.

10. The Passage of Time

It is always a best practice to review your estate every three to five years to take into account new life events and changes to the law.

Iona Evans, Vincent Savino, Kristin Canty & Joe Donohue

Iona Evans - Exeter Office

Iona joined DOCR Law in August 2018. She is passionate about helping people implement estate planning and legal strategies to maximize long-term results. Iona focuses her practice on advising clients with multiple assets and revenue streams to help them to minimize their tax burden and avoid potential liability.

“I am excited to join DOCR’s team of attorneys and support staff who are experienced and insightful about the estate planning process and beyond. In the few months since I have joined DOCR, I have been privileged to bring my depth of experience to bear to help clients achieve their goals, preserve their investments, and fulfill dreams for their estates, businesses and charitable organizations.”

Vincent Savino - Pearl River Office

Vincent advises clients in both the Pearl River and Warwick offices of the firm. Everyone who meets him appreciates his calm demeanor and depth of experience. In 2004, Vince joined a firm that also offered Estate Planning and Elder Law services and began to develop his focus on Trusts and Estates law.

Vincent came to DOCR because of the firm’s “small town” approach to “big city” problems. Vincent says “The partners here give me the opportunity, and actually encourage me, to provide a unique, personalized experience with our firm.” Vincent is happy to spend more time working with clients to create solutions to situations, as opposed to the  “one-size-fits-all” approach that is commonly associated with larger firms. The feedback that the firm receives about Vincent and his approach is overwhelmingly positive.

The start of a New Year is a great time to plan ahead to save yourself and your loved ones time, money and stress. This easy-to-use checklist serves as a comprehensive guide for seniors, their families and caregivers as they consider all the legal, financial, personal and practical steps to proper advanced planning. We invite you to download and share this worksheet with anyone looking for an opportunity to live life to the fullest in the retirement years and prepare for the road ahead. 

HAPPY NEW YEAR!

As you set goals and resolutions for 2019, organizing your affairs for peace of mind should be at the top of the priority list. Many clients and their families feel overwhelmed when they try to navigate the financial and emotional complexities of aging. We hope this Document Checklist gives you a solid foundation of helpful documents you’ll need to get your affairs in order, in the event of an unexpected health crisis. Please feel free to download and share with your family, friends and trusted advisors.