Why November Is the Perfect Time to Make Any Necessary Changes
The holidays are almost upon us—a time to feel gratitude for family and friends, to appreciate the many things for which we’re thankful. It’s natural, when we’re with family, to want to know that they’ll be taken care of when we’re gone, to feel comfortable that we have an effective estate plan in place to meet their needs. When we’re contemplating the gifts we’ve received and the ones we want to give, our estate planning should be part of the equation. Updating your estate plan before or during the holidays can be one of the best gifts you give this year.
Why November Can Be the Right Time to Revisit Your Estate Planning
The holidays bring many cherished memories, but they also lead us to think about the future. What better time to get your estate planning in order:
- You’ll typically be spending more time with the important people in your life—Holidays are a time for gathering. This can give you the opportunity to fully feel the importance of your loved ones, but it can also give you the opportunity to talk openly with them about your estate planning. That can bring you greater clarity, but it can also be a source of comfort to those who are part of your estate plan. In addition, such conversations allow you to provide family members with essential details about your estate plan, which can facilitate the process when the time comes.
- November planning can allow you to take advantage of year-end financial opportunities—Many strategies that can be beneficial to your estate planning are tied to the year’s end. For example, there are steps you can take before year’s end to minimize tax burdens when you file taxes in the spring. You may be able to form a beneficial legal entity, avoid some tax liability, and increase legal protections. A knowledgeable estate planning attorney can provide you with more information.
- It can be the ideal time to review the effectiveness of your current plan—Most of us have some down time during the holidays. It can be the perfect time to determine whether a trust is being properly administered or whether the person we’ve named as potential executor is still the best choice. It’s also typically a time to identify life changes, such as marriages, births, and changes in net worth.
Events That Suggest You Should Revisit Your Estate Planning
When you’re pondering those things for which you’re thankful, you’ll usually focus some of your attention on what’s changed over the last year. If any of the following have happened, you’ll want to consider updating your estate plan:
- Major life changes for you or an heir—Death, marriage, divorce, adoption, or the birth of a child can all radically affect your estate plan.
- Your financial situation has changed significantly–Such changes might include either a windfall or substantial losses.
- You’ve moved to a new state—Your estate plan will be governed by state law, so you may need to make changes to be compliant with your new state of residence.
- You’ve reached a milestone age—You may be at the age where you’re required to take minimum distributions from a retirement account or are eligible for government benefits.
- Your health has changed—If you or a beneficiary have experienced significant health problems, you may need to take a different approach.
Let Bailey & Galyen Help You Refresh Your Estate Plan
At the law offices of Bailey & Galyen, we have provided comprehensive estate planning counsel to individuals and families in Texas and nationwide for more than 40 years. We can help you evaluate different options and choose the approach that best meets your needs. We will also draft, review, and implement all documents necessary to update an existing estate plan. To learn more about how we can help you bring your estate planning current, contact us by e-mail or call our offices at one of the convenient locations listed below. Our phones are answered 24 hours a day, seven days a week.
