Beyond never beginning the estate planning process, the second most common mistake that individuals make is thinking that estate planning is something that can be completed only once. Many people believe that if they generated an estate plan 10 or 20 years ago, they are all set for the remainder of their life. However, assets and family relationships are subject to change and that’s to say nothing of shifting estate planning rules.
In the wake of a new president-elect calling for significant changes in the estate tax process and procedures, it’s important to remember that networking with an attorney also gives you an overview of what to expect when regulations or laws are changing down the road. This could significantly compromise any estate planning documents or strategies you have aligned in the past so it’s a good idea to already have a relationship with someone who is familiar with the landscape and can help you adjust as necessary.
There are many different situations in which it’s a good idea to dust off your estate planning and revise it as changes in your life are made. The birth of a new child, a marriage or a divorce are all significant reasons that you should consider consulting with an estate planning attorney.
Has it been some time since you’ve taken a look at your past planning? Now is a good opportunity to ensure that your plans are still in line with your needs