Estate Lawyers Cary NC | When was the last time you revisited your plan?
As we've discussed on more than one occasion, estate planning is an important part of life, but simply creating an estate plan isn't enough. Today, your Estate lawyers from Cary, NC would like to talk about a factor of estate planning that often gets neglected.
The Most Important Step in Estate Planning | Estate Lawyers Cary NC
Updating your estate plan might be one of the most important steps in estate planning. Yes, creating the initial plan is important, but we find that a proper estate plan is never fully finished. There are always aspects of the plan that need occasional updates or changes. Furthermore, with tax laws constantly changing, it’s incredibly hard to create one estate plan and never look at it again.
How often should you update your estate plan? | Estate Lawyers Cary NC
Updating your estate plan should happen at least once a year, and making the updates can be as simple as calling an attorney, such as Eldreth Law Firm PC, and setting up an appointment to review your estate plan with our estate planning lawyers. But, what should you be updating or why would you need to update or change your estate plan?
6 Reasons to Keep Your Estate Plan Update-to-Date
- A change in net worth. Have you acquired a new business or made major financial changes in your current business?
- Additions to the family. Do you now have children or grandchildren that aren’t considered in your estate plan?
- Guardianship or healthcare wishes have changed. Do you wish to appoint someone else to guardianship or healthcare power of attorney, over you or your children, should it be needed?
- Changes in the tax laws. They are ever-changing. Are you keeping up? If not, consider allowing Eldreth Law Firm PC to help.
- Changes in your marital status. Are you newly married or divorced?
- Are you fearful of your child receiving a large sum of money without any restrictions? Would you prefer that money be restricted to education, health, and living expenses?
There are many other things you may want to consider when making updates to your estate plan. Frequent changes may even need to be made. To make sure you make appropriate changes, be sure to contact estate planning lawyers at Eldreth Law Firm, PLLC so that we might help you with your changes.
If you’re thinking of starting an estate plan and may need advice with how to start planning, be sure to contact us or visit our website, www.eldrethlaw.com. We’d be happy to help your situation in any way that we can.
