There are certain things that should happen at least once a year: an annual physical, filing taxes, meeting with your financial advisor, and reviewing your estate plan. Take a look at who you’ve named in key roles, like Executor and healthcare agents. You should also review your assets. Did you buy a house or property? Have you opened new accounts? Think about who you have left your money to. Have the kids grown up and that trust you created is unnecessary? Or perhaps a child has demonstrated they are not ready to receive money outright and a trust would be a better option for them. Examining your family situation, financial assets, and long-term goals may mean some changes need to be made to your estate plan. These are some events that may mean a more in-depth review with an estate planning attorney is needed:
- Are the people you’ve named as your agents still the best fit for those roles?
- Did you purchase a home or real estate that was not put into the trust upon purchase?
- Are there new accounts (bank, investment, or stocks) that were not opened in the name of the trust?
- Do any of the tax law changes impact your family, or are any of the proposed changes something that could impact you? The estate exemption is currently $11.7 million a person, but changes could mean the exemption is reduced to $5.5 million, or lower.
- Have you had a falling out, or reconnection, with a family member?
- With the passing of the SECURE Act, if you have large IRAs you may need to revisit how those assets are treated in your estate plan.
- Have you provided planning that deals with your business after your death? Will your business continue or will the estate close the business and sell everything?
Contact a Georgia Estate Planning Attorney
Most families need only take a few minutes and review their plan, but for some families, big events or changes in their lives, or the changing laws, mean that a more thorough review and revision should be done. Contact Grissom Law, LLC to review the estate plan and help you make sure your plan achieves your goals.
Disclaimer
This Blog/Web Site is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney-client relationship between you and Grissom Law, LLC.