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Has it been awhile since you’ve reviewed your estate and trust plan? While establishing a plan for your assets is half the battle, many people neglect to update it when circumstances change. Dianne M. Saunders, CPA and her team of experts have been providing her clients in the Litchfield, Connecticut, and surrounding areas with tax preparation and estate planning for 25 years. Below, she reviews the top three reasons her clients might want to revisit their estate and trust plan for an update. 

3 Instance When You Should Update Your Estate & Trust Plans

Life Events

estate and trustWhile major life events can be a blessing, they often signal a time when you should update your estates and trusts. Marriage, the birth of a child, divorce, and health of trustees are all factors to consider. The addition or removal of an heir to an estate document can often provide much-needed protection and security if a trustee passes. 

Changes in Health

Changes in health can signal a need to update an estate document. If the health of the trustee in question is in decline, they may want to add instructions regarding their long-term health care, as well as that of their loved ones.  

Significant Growth of Family Business or Assets

When a trust reaches a significant amount, the structure of it may need to be altered to benefit the trustee, in regard to taxes. In this instance, discuss how you should update your will with the team at Dianne M. Saunders, CPA. They’ll work with you one-on-one to see which options benefit you the most.

If you have specific questions regarding your estate and trust plans, call the professionals at Dianne M. Saunders, CPA. Call (860) 567- 3022 to speak with a representative, or visit their website for more information.

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