Year End Estate Planning Updates Part 1

December isn’t just about holidays and parties; it’s also a time to review your estate plan. The past twelve months could have brought on changes that will affect the plans you have for your assets. There may have been changes in your status, changes in the law, or changes as to how you want your estate to be managed or distributed. It’s also a time to take advantage of estate and gift tax savings opportunities. Make an end-of-year review as much of a priority as those New Year’s resolutions so that you can ring in 2016 knowing your estate plan is current.

Updates | Lawyer in Cary NC

In this upcoming series, our lawyer in Cary NC will take a look at what you should review, including documents, changes in status and gift opportunities. First, let’s look at the documents you should review:

  • Wills
  • Revocable and irrevocable trusts
  • Disability plans, including power of attorney (POA), health care POA, and advanced directives
  • Letters of direction

When reviewing the documents, take note of any changes that may have occurred in the previous twelve months. For instance:

  • Did you get married or divorced?
  • Was there a birth or death in the family?
  • Did you buy or sell real estate in another state?
  • Have you started or sold a business?
  • Have your assets increased or decreased?

If you got married or divorced, or you had a child, you may need to update your beneficiaries. You want to ensure that everyone you want included in the division of your estate is named, and anyone you no longer wish to be included is removed.

Don’t forget to come back for the next in this series where we’ll talk about other updates that should be made.

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 estate lawyer in Cary NC is here to help you get your estate planning 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 an estate plan. Contact our lawyer in Cary NC to get started estate planning, today.

Klish and Eldreth | Lawyer in Cary NC

As always, feel free to contact us with any questions or concerns you may have about estate planning. Also contact our lawyer in Cary NC to schedule a consultation if you have yet to start estate planning. It’s never too early to make plans for your wishes upon death. In addition, our attorney is here to help you with all your legal matters, whether it be estate planning, small business, trademarking, copyrighting, or DWI issues.

 

 

 

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