Studies measure the estate planning preparedness of American adults. They consistently find that about one in three respondents have estate plans. There are various reasons for this procrastination, but it is widespread.
Since there is so much resistance to getting started, many people sigh a sigh of relief once action is finally taken. They tuck the documents away for safekeeping and feel the matter has been handled.
This is understandable on the one hand because it feels good to take care of a responsibility that you have been putting off. However, this perspective can have negative consequences in the long run.
Changing Circumstances
Estate planning should be viewed as dynamic because things are always changing. Your initial estate plan will be based on the circumstances of your life at that time, and if you take action early on, things will inevitably evolve over the years.
Changing Marital Status
A major life event that will trigger the need for an estate plan update is a change in marital status. If you put your initial plan in place when you are single, you will have to make adjustments with your spouse after you tie the knot.
Unfortunately, a significant percentage of marriages ultimately end in divorce, and some widowed people get remarried. Any type of change in marital status will make portions of your existing estate plan obsolete, and revisions will be necessary.
Additions and Subtraction to the Family
When children come along, you have a new set of responsibilities on many levels. As this applies to your estate plan, you must name your child’s guardian, or “tutor,” as we say in Louisiana, in a will.
Income replacement will be another piece of the puzzle. Life insurance is the widely embraced solution, and term life insurance is relatively affordable for younger adults.
Children cannot handle their own money, so this must be considered. A living trust can be used to name a trustee to manage assets held by the trust for the benefit of a minor. The trust could be the beneficiary of your life insurance policy or policies.
On the other hand, family members included in your estate plan may predecease you. For example, someone you have designated as a trustee or beneficiary may pass away, and under these circumstances, the plan will require an update.
Changes to Relevant Laws
In addition to the things that happen in your life that can create the need for an estate plan revision, external events can also enter the picture. As a case in point, the federal estate tax applies to the portion of an estate that exceeds the exclusion or credit.
The exclusion is $13.61 million in 2024, the highest it has ever been. It is in place because of a provision in the Tax Cuts and Jobs Act of 2017.
This legislation will continue to sway through 2025, so the exclusion will stay constant with an inflation adjustment next year. The measure will expire on New Year’s Day in 2026, and the exclusion will revert to the 2017 level of $5.49 million indexed for inflation.
Someone exempt from the estate tax today could face significant exposure in 2026. To mitigate the damage, an estate tax efficiency approach would be necessary.
Another example is the enactment of the SECURE Act and the subsequent measure SECURE Act 2.0. These legislative measures impacted the rules for individual retirement accounts in various ways.
As a layperson, you will probably not keep a finger on the pulse of government actions that can impact estate planning. This is one of the reasons why legal guidance is invaluable when you are planning your estate.
Periodic General Reviews
You will often know that your estate plan should be revised. Even if you are unaware of why you should update your plan, periodic reviews are recommended.
When you sit down with an attorney every few years to review the plan, you can be sure that the documents reflect your current wishes. These reviews can also help prevent effective estate contests.
One grounds for an estate challenge is the testator’s incapacity, and undo coercion is another. If you stay on top of your plan by looking over it with your lawyer consistently, it will be difficult for anyone to successfully contest your estate on these grounds.
Attend a Free Workshop!
Since you are on this website, you must be looking for information about estate planning and elder law matters. You have found the ideal connection because we have a great deal of useful info on this site that you can access free of charge.
In addition to these written materials, we go the extra mile in another way. We regularly conduct complimentary workshops that cover all of the most important topics.
If you join us, you will walk away with useful knowledge and have the opportunity to connect with our firm for the first time. Visit our workshop schedule page to see the dates and obtain registration information.
Need Help Now?
If you have already learned enough to know that you are ready to work with a Metairie, Louisiana, estate planning lawyer to create or revise your existing plan, we can help.
No one-size-fits-all estate plan is right for everyone, and different approaches can be taken. When you work with us, we will learn about your situation and legacy goals and help you devise a plan that suits your needs.
To get started, message us through our contact page or call us at 504-831-2348.
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