Estate planning is a living process. It is not meant to be addressed once and then shoved in a drawer once the papers are signed. Estate planning is a process that is meant to be revisited as your life evolves. No matter how seemingly straightforward or staggeringly complex your estate may be, it is important to revisit it with the assistance of an experienced attorney at numerous times in your life.
For example, it is generally a good idea to revisit your estate plan after you have married, divorced or lost a spouse. In addition, it is entirely appropriate to revisit your estate plan when family members are born, adopted, navigate divorce or pass away. Finally, it is important to revisit your plan when you purchase or sell real estate, acquire or sell significant assets, or your family business is restructured. However, these life landmarks are not the only times at which revising your estate plan may be beneficial.
If your estate is relatively complex, it may be a good idea to revisit your estate plan regularly with the aid of your attorney. Tax codes and other laws which may impact your estate plan tend to change annually. For example, the unified gift and estate tax credit was adjusted by $20,000 between the end of 2015 and the start of 2016. This alteration may affect any number of Americans with significant estates. Failing to regularly update your estate plan with your attorney may cost your heirs dearly or may leave you uninformed about your options.
Updating your estate plan either regularly or at significant lifetime milestones may help you to manage and protect the assets that matter the most to you. An attorney experienced in estate planning and administration management can help you to plan for your future and for your loved ones’ future as often as makes sense for you and your particular estate.