Most people tend to procrastinate when it comes to estate planning. In fact less than half of people in the United States have a last Will or a Living Trust in place. Since so many people procrastinate before they put an initial estate plan in place, they are also prone to procrastinate when it comes to updating their existing estate plans.
Life is never constant - except, of course, for constant change. Circumstances in your life will change over the years, and these changes may call for an estate plan revision. There may be people who join the family, others who leave, and your financial situation could change dramatically. A review of your estate plan will reveal if there are needed changes.
In addition, a high percentage of marriages end in divorce and most of these people remarry. Changes in marital status are almost definitely going to make an estate plan update necessary.
We have just entered a brand-new year and as you turn the page on the calendar you may want to make a mental note to yourself regarding an estate plan review. This is especially true in this election year with the distinct possibility of the sunset of a very generous estate tax exemption.
In addition to the things that happen to you personally, of which you would be well aware, there are also legislative changes and alterations to the tax code that take place on an ongoing basis. Many of these can be relevant to your existing estate plan.
It is a good idea to review your plan at least ever three years with professional guidance, and if you're ready to do so simply take a moment to arrange for a consultation with a qualified Reno Estate Planning lawyer.