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Wealthy people should update their estate plans regularly

The importance of an estate plan should be clear to everyone regardless of their assets and financial situation. However, people in New Jersey who have substantial assets have more to think about because there is more at stake. An estate plan governs who will receive the inheritance, how much they will get and other factors. It is a mistake to think that an estate plan is final when it is first completed. Changes will inevitably be necessary.

Failure to account for this with properly crafted wills is a mistake that people with even large portfolios often make. Without a will or some other estate planning device, the assets will be allocated by the government with no control to the testator. Even if there is an estate plan, a key omission is a failure to update it on a regular basis. Everyone's life has certain changes that occur. The estate plan should be updated to account for this. Some of these changes are governmental and tax-related. Taking advantage of or protecting one's interests is part of a comprehensive estate plan.

Also, many wealthy people have businesses that are both national and international. Changes in regulations and laws can arise without warning and cause problems or potential benefits. People with substantial portfolios sometimes let their estate plans lapse for several years. Along with changes to the law, there can be decisions to make changes to the asset distribution after death that they do not get around to putting into their estate planning documents.

There are many different choices when formulating an estate plan. Wills, trusts and other instruments are vital to passing the assets along in the manner that the person wants. Having legal assistance to ensure that this is done according to their wishes is imperative. Contacting an attorney who understands how to help those with a vast estate is key.

Source: forbes.com. "Why Continuous Estate Planning Is Essential For The Rich And Super-Rich," Russ Alan Prince, Sept. 6, 2017

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