Ring in the New Year With an Estate Plan Update

Now is a Great Time to Start Thinking about Estate Planning in Raleigh NC!

With the New Year underway, it’s time to start thinking about updating your estate plan. It’s important to keep your estate plan up-to-date. It’s also easy to forget. Estate planning in Raleigh NC goals can change within a year. They can even change within 6 months. Often, it’s imperative that these changes are documented. That’s why reviewing your estate plan each year, right after ringing in the New Year, is the best way to remember to update! You might even consider reviewing it with an estate planning attorney in Raleigh NC, to make sure all changes are fully documented.

There are many reasons why we should keep our estate plans updated:

  • Marriage
  • Divorce/Separation
  •  Birth
  •  Disability of a family member
  •  Death of a family member

There are also financial changes, as well. This might include changes in:

  • Net worth
  • Change in Occupation
  • The nature of your assets; sale or purchase of real estate or a business
  • Inheritance

In addition, proper estate planning can result in significant tax savings. It’s important to consider the benefits of insightful tax planning both while you are living, including through lifetime gift planning, as well as at death through testamentary estate planning.

The start of a new year is the perfect time to review and update your estate plan because it’s a great way to ensure that you meet your personal goals. It’s also great for setting new personal goals.

It’s not uncommon to put a significant amount of time, energy and emotion into your estate plan.  Without updating it properly, that time and energy might be wasted. Often it seems most updates tend to be major life changes. However, updates can be minor, as well.

Be sure you keep these changes up to date, as well. Changes in:

  • Trustees
  • Executors
  • Agents in Powers of Attorney
  • Agents in Health Care Power of Attorney

We hope these reminders help with updating your estate plan. If you do not have an estate plan, now is a great time to change that! Why not make it your 2014 goal?  Our estate planning attorneys are here to discuss estate planning in Raleigh NC with you and help you ensure that your intentions are fulfilled. Contact us to set up a consultation.

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