There are certain trigger events that are going to render your existing estate plan obsolete. We would like to highlight three of the most common ones here and encourage everyone to take action when significant life changes take place.
Family Additions & Subtractions
When new family members come along you are going to want to make sure that they are provided for when the time is right, so these additions to the family are going to necessitate estate plan revisions. By the same token, when you lose family members who are on your inheritance list you will also have to make adjustments.
Significant Financial Progress
If you were to enjoy some significant financial progress the value of your estate may exceed the estate tax exclusion amount when it was previously within this exemption. This is an important matter because the estate tax can erode your legacy considerably. As your financial standing improves you would do well to discuss your current situation with your attorney.
Changes In Marital Status
Should you get divorced you are probably going to want to change things around quite a bit. And in addition, remarriage once again would signal the need to update your existing estate plan.
Estate planning is a lifelong, dynamic process and it should be viewed as such. Developing a good working relationship with an expert is key, and if you are interested in doing just that simply take a moment to pick up the phone to arrange for a consultation with a seasoned, savvy Central New Jersey estate planning lawyer.