Year end reminder to update your estate plan

As we bid farewell to 2015 and set our sights and goals on the promise of a New Year, remember to update important documents, such as your estate plan. Whether you make changes or not, an annual review ensures that your estate plan continues to work effectively. Estate planning documents are executed with certain formalities and may be changed or revoked only through similar procedures. The review should cover at least these three subject areas and any changes should be made with an experienced estate planning attorney.

  1. Changes in Your Financial Situation. A change in your financial situation may affect your estate plan. For example, you may wish to alter the disposition of your property; should there be a substantial increase or decrease in the size of your estates. Additionally, a change in the size of your estates may require a change in the estate tax savings devices used in your current estate plan.
  2. Changes in Your Family Status. Your estate plan was prepared based on your family circumstances at the time of your meeting, and with the assumption that your named descendants and/or relatives will survive you. You should review your estate planning documents to determine if any changes should be made due to a change in your family status.
  3. Changes in the Tax Law Relating to Your Estate Plan. The federal estate tax laws have been in a state of flux and documents prepared for lower tax limits may require revisions. Meeting annually with your experienced estate planning attorney will help make sure to minimize the effect of any change in the federal estate tax law on your estate plan.

What Kind of Estate Planning Documents Can Be Updated?

Our Utah estate planning lawyers can help you update several estate planning documents to maximize the inheritance you leave behind for your loved ones.  Our legal team  can help you prepare, plan, administer, and update the following documents:

Contact a Utah Estate Planning Lawyer

If you are interested in advance planning or are facing an immediate concern, our estate planning attorneys can help provide you a legal solution to protect you, your assets, and your wishes for your family and loved ones.  We have offices conveniently located in the Salt Lake area, including South Jordan and Bountiful, Utah.

Feel free to call a lawyer in Utah and speak with the Salt Lake City estate planning attorney team members at Pearson, Butler & Carson, PLLC, at (801) 495-4104.