Although having an estate plan in place is vital, it is also important to review it and make any necessary updates on a regular basis. Ever-changing state and federal inheritance and income tax law can affect your estate plan in both positive and negative ways. Consulting with your estate planning attorneys at least once a year, when a major life event happens or when you’re aware of changes in the law ensures that you can take advantage of valuable planning opportunities that may save your beneficiaries money and maximize their inheritance. Reviewing Your Estate Plan Circumstances change frequently in life. The birth of a new child, divorce, the passing of a spouse or making changes to a business succession plan are all good reasons to promptly bring your estate plan up to date. Asking yourself these questions can help you determine whether or not you should contact your wills and trusts lawyers to do a thorough review.
If you answered “yes” to one or more of these questions, sit down with your probate and estate lawyers to talk about which types of changes (if any) should be made in your estate plan. It is also essential to update the contact information for executors, beneficiaries, trustees, business associates, financial planners and any others who may be involved in your estate plan. Making sure your estate plan is accurate and updating this information will give you peace of mind and make it easier on your family when it comes time to settle your estate. At Carosella & Associates, our experienced estate planning attorneys can help you create or update an estate plan that benefits you and your family. This blog was originally posted at https://carosella.com/does-your-estate-plan-need-a-checkup/
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