VIEWS: 49 PAGES: 1 CATEGORY: Legal POSTED ON: 12/1/2012
There is a certain inertia that can set in when it comes to estate planning. Most responsible adults are aware of the fact that they should execute the appropriate estate planning documents.
Does Your Estate Plan Need Revisions? There is a certain inertia that can set in when it comes to estate planning. Most responsible adults are aware of the fact that they should execute the appropriate estate planning documents. However, for one reason or another procrastination often times seems to be the order of the day. When you have been putting something on the back burner for a long time you can feel a sense of relief when you finally do take action. However, when you put an initial estate plan in place you must walk away with the realization that the matter is not resolved permanently. Your estate plan should not be viewed as something that is set in stone. As the years pass things will invariably change in your life, and these events can often trigger the need for an estate plan update. When you get married you have a different set of circumstances to consider. If you have children once again a new dynamic exists and an estate plan revision will be necessary. We would all like to think that our marriages will last forever, but in fact divorces do happen. If you were to get divorced you are probably going to want to revise your plan. And, if and when you get remarried once again a visit with your estate planning attorney will be in order. In addition to these family changes the estate tax is a factor. You can be immune from the estate tax one day and exposed the next as tax laws change even if the extent of your resources remains unchanged. On the other hand, you can enjoy significant financial success and be catapulted into taxable territory even if the laws stay the same. The suggestion here is to develop a good ongoing working relationship with an estate planning attorney that you trust and be prepared to get together with your lawyer from time to time to review the plan and make the necessary adjustments. Experienced estate planning attorneys Warren NJ of the Augulis Law Firm offers estate planning and business planning resources to residents of Warren, NJ. To learn more about these free resources, please visit www.augulislawfirm.com/ today.
"Does Your Estate Plan Need Revisions?"