There are certain things that you probably take care of on an annual basis, and when a new year rolls around, it remind you to invariably schedule certain appointments. As you are doing this you may want to add a visit to your Estate Planning lawyer to your list.
Estate planning is best viewed as an ongoing process. A lot of people procrastinate before they put their initial estate plan in place so they are just as likely to procrastinate when it comes to updating their existing plan. However, this is a mistake because life changes are going to make estate plan revisions necessary.
These changes would include significant alterations in your financial position, additions and subtractions to your family, and changes in marital status. You could also simply change your mind about how you want your assets to be distributed after you pass away.
The above circumstances are specific to you and your family and you would be well aware of them taking place. But in addition to these types of changes, there are also things that happen under the radar that could make your existing estate plan obsolete. These would include changes in the tax laws including the amount of the estate tax exemption.
In fact, at the end of 2012 there are going to be some significant changes that may impact your Estate Planning efforts. To make sure that you are totally prepared, take a moment to pick up the phone to arrange for a consultation with an experienced Hartford Estate Planning lawyer.
Mr. Nirenstein is licensed to practice before the courts of the State of Connecticut and the United States District Court. He is a member of the Connecticut and Hartford County Bar Associations, and the Estate and Probate, Elder Law, Business Law and Real Estate Sections of the Connecticut Bar Association.
- These Tips Can Jumpstart Your Estate Plan - May 23, 2023
- Pet Trust: Ensuring Your Furry Friend’s Future - May 4, 2023
- An Overview of Situational Inheritance Planning - April 18, 2023
