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New Year Estate Planning Considerations

As a new year starts with 2022, the estate planning attorneys at Adelberg Rudow detail several important factors you should consider when creating (or adhering to) your estate plan.

 Consider Any Major Life Changes That Occurred in 2021 and Update Your Estate Plan Accordingly

A lot can change in a year, so it is vital to review your estate plan regularly and make changes as appropriate—whether to adjust to unpredictable events and minimize losses from them, or to enhance a plan’s components to better serve your objectives and needs. Sometimes, this includes taking advantage of (usually short-term) opportunities that changes in laws and regulations might allow. The New Year is a good time to complete this annual review.

You may need to update your estate plan if in the last year you:

  1. got married,
  2. got divorced,
  3. had a child,
  4. adopted a child,
  5. opened or closed a business,
  6. purchased or sold a home or other piece of real estate,
  7. purchased or sold a major asset, or
  8. purchased a life insurance policy.

There are countless reasons to update an estate plan—but even minor adjustments to a plan might result in disastrous consequences to its other moving parts. This is precisely why it is crucial to routinely confer with your estate planning attorney in an ongoing effort to determine whether a major life event or change necessitates (or even invites) updating your estate plan.

Discuss Your Estate Planning Needs with the Attorneys at Adelberg Rudow

Starting a new year is a good time to make changes to your estate plan. Speaking with an estate planning attorney can ensure the decisions you make will help you meet your goals in an effective and efficient manner. The attorneys at Adelberg Rudow are dedicated to serving as trusted advisors for their clients, and have years of experience helping individuals, families, and business owners develop estate plans to help meet their goals. To learn more about the estate planning attorneys at Adelberg Rudow, contact us today.

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