Why It’s Beneficial to Update Your Estate Plan Frequently
When we think of everyday organized documents that reflect our skills and attributes, like resumes, we tend to edit and alter this documents frequently to showcase our most recent advantages and experiences. Imagine if you used the same resume for 15-years, never changing it to reflect your most recent job positions. You would be simply un-hireable.
Well, the same goes for something as lucrative and important as estate planning. Amid changing fed policies, laws, tax regulations, market conditions, and changes in your life, a lot can happen to your estate and its initial investment plan. Outdated estate plans, like outdated resumes, simply do not work.
Therefore: when was the last time you updated your estate plan?
Before we look at why you should be altering this plan frequently, we are going to first look at the different changes in your life that should prompt an immediate alteration.
Since you last signed your estate planning documents, has anything changed that would affect your trusted helpers, beneficiaries, or your individual person? Here are some massive examples that simply cannot be overlooked:
Divorce or separation
Tax law changes
All of these changes can constitute both good and bad changes, from your family, to your business. Chances are, as you read this list, you probably shook your head “yes” to at least three of those bullet points. Even if it was just one, it’s indicative of the need for you to update your estate. Why?
Real Time Changes Make You Money:
If you stay in accordance with new tax codes and financial requirements, you are guaranteed to make more and save more through the current climate. If you just sit back and let the tax code completely rewrite itself, your old estate plan might be detrimental to you and your family. Real-time changes will earn you real-time money.
Preparation for the 2018 Tax Season:
If you want to save as much as possible heading into the next tax season, your estate plan needs to be up-to-date and ready to stand the test of time with new tax regulations. From business expenses to deductions, there are many ways you can navigate the taxation waters in a way that is beneficial to you. However, it requires prompt organization in the mean-time.
Peace of Mind:
Your estate is your life, which is why it should be treated with the care and attention it deserves. If not for nothing, updating this plan will provide you with the peace of mind you deserve.
It’s Time for Real-Time Estate Planning
This is one element of your life you don’t want to consider procrastination. With the end of the year quickly approaching, it is a perfect time to get in touch with an expert who can help you establish an estate plan that is beneficial for you. Here at the Ashcraft Firm, we are ready to help you create an estate that reflects your current needs and the people you love. Updating it is the best way to guarantee it.
Please do not hesitate to give us a call today.