Once a New Jersey resident has completed the estate planning process, a sense of relief often follows. It is a great feeling to know that one’s final wishes have been outlined in a legal format, and that those who will eventually be left behind will have a road map for how to move ahead. However, it is important to understand that estate planning is a long-term process, and that one’s existing paperwork should be periodically reviewed to ensure that it remains in line with their plans and wishes.
One aspect of estate planning that could necessitate a change of plans involves changes to existing tax law. Periodically, laws regarding trusts and other estate planning vehicles will change. A quick review will ensure that the choices outlined within one’s plan are still relevant and within the bounds of updated tax law.
Another issue that can lead to the need to review an existing estate plan is the death or changed circumstances of one’s chosen executor. As people age, their ability to manage the tasks associated with administering a trust or making important financial decisions can decline. If it has been a considerable amount of time since these plans were put into place, it may be time to make a change in the party who will be expected to handle these matters.
The need to periodically review an existing estate plan is certainly not a daunting task. In most cases, going over these documents and making any necessary changes is quick and easy. For those in New Jersey who have already completed the estate planning process, the hard work is already done. A periodic review should be considered to be nothing more than a regular act of maintenance.
Source: explorernews.com, “Six reasons to take a fresh look at your estate plan“, , June 25, 2014