Why reviewing an estate plan can help beneficiaries
Many wealthy people in Connecticut have created key estate documents like wills and trusts. After all, the ability to pass assets on to benefit loved ones in the future is a major motivating factor for people to develop their wealth. However, creating an estate plan is often the first step in an ongoing process that can help people to make sure that their future vision is intact. While many people may want to avoid unpleasant conversations about death, open discussion about estate planning issues can help to prevent future disputes and family problems, especially when significant assets are involved.
Creating an estate plan is an important first step, but constantly revisiting it can be equally important. There are a number of reasons why people may want to revise their wills or trusts. In the first place, tax and estate laws are regularly changed. Alterations to adapt to legal changes can help people to save their beneficiaries significant sums of money and increase their flexibility. In addition, major life changes like marriages, divorces, births or deaths in the family can also prompt a review of an estate plan. Otherwise, people can wind up leaving behind their wealth to people who have already passed away or long-estranged former spouses.
There are other issues to keep in mind when ensuring that an estate plan is complete. Many people with substantial assets also own property internationally. However, their U.S.-based documents may not be sufficient to handle the transfer of those assets. Specialized cross-border planning can be important to ease the process in these cases.
People who want to provide their loved ones with a better life in the future can do so through a comprehensive plan. An estate planning attorney might draft and review wills, trusts, powers of attorney and other key documents to reflect that vision.