The Value of Flexibility in Estate Planning for the Future | Monroe Township - Middlesex County
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The Value of Flexibility in Estate Planning for the Future

May 12, 2015

Filed under: Estate Planning — Neel Shah @ 9:15 am

There are many changes happening in the world on a daily basis, not the least of which has to do with technology. Laws and social issues also highlight the importance of staying on top of your planning. For these reasons, estate planning requires flexibility and regular review. shutterstock_186343733

There are several primary reasons why flexibility has such high value in the estate planning realm. Standard irrevocable trusts could be modified to designate an individual empowered to make changes in the future, for example. Moving from old to new trust regulations is one more example of making the most of changing times but still staying aware of possible risks.

Tools like creating a family limited partnership, power of attorney, and limited liability companies can all be valuable in this process of staying flexible. This requires individuals to be on top of their estate planning and ask questions at least on an annual basis about the most relevant changes applicable to their situation. Contact our offices at info@lawesq.net so you can incorporate changes in your life into your estate plan.

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