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3 Critical Reasons to keep your estate plan up to date!


Estate Lawyer in Wake Forest: Follow these tips to help keep your estate plan up to date!

Keeping your estate plan up to date is as important as having one. We've talked about the importance of updating your beneficiaries in previous posts. While it’s a good idea to do that at least once a year, we also find that many people overlook the process of updating estate plans because they do not want to spend money on an estate lawyer in Wake Forest. The amount of money that can be lost through missed estate planning opportunities and family legal battles over out-of-date estate planning documents far outweighs the cost of an estate planning attorney.

Updating your estate plan can essentially save money in the long run, but if for some reason you need more evidence against the case to update your estate plan, consider the following points.

Do you need a trust?

A trust can be very useful in accomplishing your goals, even if you don’t have a lot of assets. Trusts are often used for the following reasons

  • Shield your possessions from creditors
  • Provide for the care of your family and yourself, economically, in case you’re no longer able to handle your affairs.
  • Provide for children of a previous marriage in the future.
  • Avoid probate, keep your assets private, and save money for your beneficiaries
  • Protect money for minors, so they cannot spend the money in the trust immediately on things you may consider unnecessary.
  • Protect assets from a future ex-son or daughter-in-law.
  • To read more about trusts, visit our post here.

File an estate tax return if you lost your spouse

Should you be survived by a spouse, they have the option of adding your unused tax exclusion to their own. With changing laws and regulations, it’s a good idea to consult with an estate planning attorney about this.

Should assets be given away now to save on taxes later?

If you have enough money for retirement, it might be in your best interest to transfer some of it now. Before doing so, it may be important to discuss this with an estate planning attorney. If you have a great deal of assets, it is a good idea to seek an estate planning attorney to discuss your options.

Keeping your estate plan up to date is important. If you haven’t had yours updated in a while, contact Eldreth Law Firm, PLLC. Our attorney in Raleigh NC can sit down with you and make the changes needed to get your estate plan up to date!

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