Is It Time to Update the Estate Plan? – Consider These Triggering Events to Avoid Potentially Disastrous Results
August 1, 2009
One of the most significant gifts that you can give your family is a well-planned estate that saves them money, time and taxes, and spares them from complexity in the event of your incapacity or death. However, estate planning is not a one-time process. If you created an estate plan, which is now collecting dust in a safety deposit box or drawer, it is most likely a good idea to review that plan, as few people live a stagnant existence.
Changes occur whether we want them to or not. Many people with properly drafted estate plans fail to update them when certain triggering events in life occur. Such events are particularly significant from an estate planning perspective, and as such, people with once appropriate plans are subject to plans that don’t properly address their circumstances upon their incapacity or death.
That said, there are many reasons to update your estate plan – even if it seemed perfectly fine at one time it was drafted. The following transactions and life events are excellent occasions to consider making some changes. …
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by: Todd C. Ratner