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HighPoint Law Blog

Monday, March 27, 2017

“My wife and I did and estate plan with a revocable living trust back in 2003, we’re good right?”

By Peter J. Gilbert, Esq.

I recently met with prospective clients who had moved to Bucks County from Georgia and they wanted to be sure their estate plan was still “good. You’d be surprised at how many people don’t have an estate plan at all, so I was happy to see they had something in place. For some, it’s because they think that only wealthy people or those with complex tax issues require estate planning. But that’s not true; if you want to make things simpler for your family after your death, you need an estate plan. But it doesn’t stop there.

A revocable trust allows you to control the distribution of your assets and possessions and avoid probate. But if you don’t ensure that your assets are aligned with the trust—titled in the name of the trust—it may not matter what the trust document says. Most are unaware that the title on assets is what truly determines what happens to that asset after your death. That is why the alignment of all assets with your estate plan is so crucial. That’s why an estate planning attorney with an ongoing maintenance program to keep your estate plan up-to-date is so important. They will assist you by reviewing your financial position on a regular basis and analyzing what your family’s needs may be in the future.

An experienced estate planning attorney can help you plan for a family member with special needs or who requires long term care, prepare for the cost of a college education and determine how estate taxes may impact your assets as they are currently held. Disclosing all current asset information to your estate planning attorney will help them, assist you, in developing an estate plan that will properly provide for your family’s current and future needs. But the most important thing is that as your life changes, so may your estate planning needs. So be sure to meet with your attorney every few years or when you experience life changes, such as birth of children, move to another state, divorce, re-marriage, or a change in health.

At HighPoint Law Offices, P.C., we know that estate planning is a complex issue and one that most are unfamiliar with. That’s why we regularly hold educational events for the public and our clients and work to answer any questions they may have. For more information, explore our website and contact us to schedule your consultation today!


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HighPoint Law Offices assists clients with Estate Planning, Probate and Estate Administration, Medicaid Planning and IRA Preservation in Chalfont, Pennsylvania and surrounding areas including Bucks, Montgomery, Philadelphia, Lehigh, Monroe and Northampton Counties.



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