It can be fairly easy for an estate plan to get off track. There are several things you can do now to help avoid a derailed estate plan in the future. First, be sure to take family relationships into consideration. “Oh well, I won’t be here anyway they can fight all they want when I’m gone” is not good planning. Second, be sure to follow through. For example, if you are setting up an ILIT, you need to take the necessary steps ensure it is properly funded. Third, review your estate plan at least annually. Many changes can occur that may change your estate plan including an increased or decreased estate tax exemption, a charity losing its 501 (c) (3) status, or changes in family dynamics. Speak with your attorney for guidance to keep your estate plan on track!
-Emily A. Helmick, Esq.