Why It Is Important to Review Your Estate Plan.
Oct. 12, 2021
Establishing an estate plan is essential, of course, but it is also important to review your prepared plan once in a while. If your plan was created when your child was a newborn, it is certainly time for a review when your kid is in college. Here are a few reasons why you might want to revisit it.
First, most likely your assets have changed. Do you still own that antique vanity table that you wanted your daughter to inherit? Or, was it shattered to pieces when you were moving into your new house? Second, your financial situation might also have changed. Perhaps those yearly bonuses you have been diligently investing into a tech startup are quite sizable now and deserve more careful consideration. Finally, your perspective on how you wish for the estate to be distributed might also have changed. This might have happened if you had additional children after your firstborn, or, perhaps, your teenager’s personality suggests that it would be wiser to distribute the assets in the estate over time rather than a one lump sum.
State Law Changed.
Major changes in state law occasionally happen. Have you heard of possible increases in individual and business income tax rates, elimination of the “step-up” in income tax basis on death, and changes in exemption amounts taking place as soon as in 2026? And have you considered how these potential changes may affect your estate plan? With changes to your assets, laws, and circumstances you want to be sure that the documents address how the estate taxes will be paid.
Updated Ways of Drafting by Attorneys.
The ways attorneys draft estate plans also change. For example, the structure of certain documents in estate plans and standards that were considered the best practices a decade ago may now be frowned upon. The same goes for legalese. Such terms as witnesseth, hereinbefore, and thereupon that used to be “must-use” in some documents, today, are some of them are considered superfluous expressions.
Ready? It’s Easy to Get Started!
Having an attorney review your plan will not only save you money in the long run but also help avoid stress of trying to understand the moving pieces affecting your plan. Contact my office to set up a free consultation. With my wealth of experience in this field, I will help you plan your estate, protect your family, and preserve your legacy.
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