Hartford estate planning attorneys make every effort to emphasize the fact that planning ahead for the future is an ongoing endeavor. Unfortunately a lot of people procrastinate before they even put an initial estate plan in place. Because there seems to be such inertia against taking action when the procrastinators finally have a plan they are slow to implement needed updates.
There are a lot of different events that can take place that can trigger the need for an estate plan update and some of them are out of your control as an individual. But on the other hand, some life events immediately signal the need for an estate plan revision and we would like to highlight three of them here.
Changes In Marital Status
When you get divorced you probably want to change your existing estate plan. If you procrastinate and the unthinkable was to take place unexpectedly your resources may be distributed in a manner that is not consistent with your wishes. And then of course if you remarry more changes will be necessary.
Significant Changes In Financial Status
As your financial status changes your existing estate plan may not be appropriate. One of the biggest things to consider would be your net worth in relationship to the amount of the estate tax exclusion. If it goes down and/or the value of your estate goes up you may need to take steps to gain estate tax efficiency.
Additions & Subtractions To The Family
The above speaks for itself. When you lose a family member or welcome a new member into the family you may have to adjust your existing estate plan accordingly.
They say that the only constant is change, and as such it is important to be proactive about making the necessary revisions to your existing estate plan on an ongoing basis so that it is always up-to-date.