Updating Your Estate Plan During the New Year

Believe it or not, 2014 is quickly coming to an end. With fall in full swing and Christmas right around the corner, it won’t be long until we are ringing in the New Year. With the New Year comes a new beginning and resolutions. Our attorney in Raleigh NC thinks it’s also an important time to make sure your estate planning documents are updated and your wishes are documented properly.
As you sit down to consider things that should be updated and changed in your estate documents, also consider the people involved in your estate plan. Do you still wish to distribute your property and assets to those beneficiaries? Do you still trust your executor, trustee of trust or power of attorney?
Below, our attorney in Raleigh NC will begin offering a few points that may help you decide what should be updated and changed within your estate plan for 2015.

Estate Planning Updates | Attorney in Raleigh NC

Buying and selling of major assets. Did you purchase or sell a home this year? How about open or close a business? These things must be documented in your estate plan as soon as the major asset change happens to ensure that they’ll be distributed properly should you pass.
Pension plans and new insurance policies. Changing insurance companies or policies should be noted in your estate plan as soon as the change occurs. If you neglected to do so, be sure to get it updated, soon. In addition, pension plans should be added, as well. It’s possible that you’ve reached the age or will reach the age where you take distributions from your pension plan. That too, must be documented in your estate plan.
State of residence change. Are you considering moving to a new state in 2015? Did you move to a new state in 2014? Moving to a new state can invalidate your estate plan as soon as you change your permanent address. Make sure you update your estate plan to reflect these changes as soon as you’re settled into your new location.
Changing tax laws. With laws change every day, it’s important to make sure your estate plan reflects any and all tax law changes that might affect your overall estate distribution.
In addition to updating your estate plan this upcoming New Year, it’s also important to consider creating any estate documents you’ve yet to incorporate into your current plan. Do you have a last will, living will, living trust or Power of Attorney? If not, consider adding these as soon as possible.
In our next post, our attorney in Raleigh NC will continue discussing estate planning and how you should consider it a priority, every New Year, to revisit your current plan and update it as necessary.
As always, feel free to contact us with any questions or concerns you may have about estate planning or partnership agreements. Also contact us to schedule a consultation if you are looking for a new attorney in Raleigh NC. We are here to help you with all your legal matters, whether it be estate planning in Raleigh NC, trademarking, copyrighting, or DWI issues.

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