End of the Year Estate Planning Part 2

Estate planning in Raleigh NC is something that often gets overlooked. It’s possible that you have a plan that was drafted a decade ago and never looked at again. You might not even have a valid estate plan, if that’s the case. It’s important to take time to look over the documents at least once a year to make sure you haven’t had any major life changes that need updated in your estate plan.

Tips for Estate Planning in Raleigh NC

You may have gotten a divorce or had children since you last updated your estate plan. You may have acquired a business or property since, as well.

As we said, it is also possible that you haven’t looked at your estate plan in years. If this is the case, there are several updates you might need to make. The first one starts with an AB Trust. Those that were married before January 2nd, 2013 should work with a lawyer in Raleigh NC to get a few things updated. Take a moment to get your plan out. Does it have any content in it that reflects terms like QTIP Trust, Family Trust, Credit Shelter Trust, B Trust, Spousal Trust or Marital Trust? If so, you may want to consider making an appointment at our office, soon, and definitely before the end of the year.

If these terms are located anywhere in your plan, it is possible that your revocable trust has estate planning provisions. These provisions were required in various estate plans prior to January 2nd, 2013.

Presently, there’s a possibility that you may not need these provisions anymore. The tax exemption for married couples has changed in the past, and it might change again soon. For now, consider having your plan changed to reflect the current tax exemption so that you can be confident your will is valid, should you pass due to an untimely death.

Updating your estate plan to ensure it holds correct information is key in making sure it’s valid. If it isn’t it might not hold up in a court of law.

Be sure to visit back with our next blog post, soon, to learn more tips about estate planning so that you’ll be able to make changes before 2016.

To learn more tips that should help you get your end of the year estate planning off to a good start,be sure to visit with other blogs in this series. Our lawyer in Raleigh NC will offer some great information there.

If you don’t have an estate plan in place or haven’t reviewed yours in several years, now might be the best time to start. Our lawyer is here to help you get your estate plan in order and ready should you pass in an untimely manner or become incapacitated at some point. It’s better to be safe than sorry when it comes to estate planning in Raleigh NC. Contact our office, today, to get started.

Also, remember that our law office offers other legal services for you, as well. Whether it’s entertainment law, family law, small business law and others, we are available to help you through your legal situation. Contact us, today, to make an appointment.

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