The New Year Can Be a Catalyst For Estate Planning, Updates

Dunlap Law Insights

Creating an estate plan can be a prudent resolution to make in the new year. Even if Minnesota residents have already created a plan, they can resolve to review and update those plans as needed. Estate planning can certainly be helpful, but the information is the most helpful when it is up to date.

If individuals are not starting their plans from scratch, they may still find that they have a considerable amount of work to do with them. If someone has not reviewed the plan in decades, it may need more work than someone who updates his or her plan every few years. When going over possible updates, individuals may want to look at tax changes that have taken place since the plan was created and those that could occur during this election year.

Additionally, if individuals have not created an estate plan, they may want to consider the various goals they have and how certain planning tools could help. Understanding trusts could be a vital aspect of estate planning, and using the trusts correctly could help parties properly protect their assets. Of course, it is also necessary to ensure that those trusts are funded after their creation.

If the new year feels like a catalyst for creating an estate plan or updating an estate plan, Minnesota residents may want to follow that feeling. They may be able to give themselves and their families some additional peace of mind by having their affairs in order and not having to worry about it for another year. Individuals interested in creating or updating plans may want to contact knowledgeable estate planning attorneys for assistance.