There are many changes happening in the world on a daily basis, not the least of which has to do with technology. Laws and social issues also highlight the importance of staying on top of your planning. For these reasons, estate planning requires flexibility and regular review.
There are several primary reasons why flexibility has such high value in the estate planning realm. Standard irrevocable trusts could be modified to designate an individual empowered to make changes in the future, for example. Moving from old to new trust regulations is one more example of making the most of changing times but still staying aware of possible risks.
Tools like creating a family limited partnership, power of attorney, and limited companies can all be valuable in this process of staying flexible. This requires individuals to be on top of their estate planning and asking questions at least on an annual basis about the most relevant changes applicable to their situation. Contact our offices at [email protected] so you can incorporate changes in your life into your estate plan.