Menu ${}${SEMFirmNameAlt}${}${SEMFirmNameAlt}
Practice Areas
Let's Get Started!

Why you should revisit your estate plan

If you have already have an estate plan in place, that’s great. It means you have taken the time out of your busy life to plan for something we would all rather not think about: our eventual death. However, if it has been a few years since you put your estate plan in place, it might be time to revisit it.

That’s because your estate plan isn’t made to stand the test of time. Changes within your life and changes within the law can mean that your estate plan no longer works as you intended, and your carefully thought-out strategy can be completely derailed.

Here are a few examples of how that can happen.

First, changes in your life can require changes to your estate plan. Perhaps you welcomed a new child, ended a marriage, or lost a family member; each of these situations could warrant changes to your beneficiary choices, guardianship elections or attorney-in-fact designations.

Next, changes in state or federal tax law can poke holes in your original estate plan. For example, when the federal estate-tax exemption changes, as it has dramatically over the past 10 years, it can greatly affect your estate plan and potentially disinherit a spouse if you aren’t careful enough to revise it.

The good news is that revisiting your estate plan will likely take a lot less time and energy this time around. You are already familiar with the lingo and how the process works, which means that you can sail through the updates with the help of an experienced estate planning lawyer.

Experts commissioned by The Wall Street Journal recommend revisiting your estate plan with your lawyer once a year.

Source: The Wall Street Journal, “Common Estate-Planning Mistakes,” Jan. 13, 2014

No Comments

Leave a comment
Comment Information

Serving businesses and individuals throughout Massachusetts

Braintree Office
25 Braintree Hill Office Park
Suite 406
Braintree, MA 02184

Toll Free: 888-759-5109
Fax: 617-523-5653
Braintree Law Office Map

Cranston Office
200 Midway Road
Suite 159
Cranston, RI 02920

Toll Free: 888-759-5109
Cranston Law Office Map

Hyannis Office
1330 Phinney’s Lane
Hyannis, MA 02601

Toll Free: 888-759-5109
Hyannis Law Office Map

Norwood Office
520 Providence Highway
Suite 10
Norwood, MA 02062

Toll Free: 888-759-5109
Norwood Law Office Map

Waltham Office
375 Totten Pond Road
Suite 200
Waltham, MA 02451

Toll Free: 888-759-5109
Waltham Law Office Map

Westborough Office
276 Turnpike Road
Suite 228
Westborough, MA 01581

Toll Free: 888-759-5109
Westborough Law Office Map

Woburn Office
444 Washington Street
Suite 203
Woburn, MA 01801

Toll Free: 888-759-5109
Woburn Law Office Map

Longmeadow Office
Williams Place
813 Williams Street
Longmeadow, MA 01106

Toll Free: 888-759-5109
Map & Directions