Recent Trends and Issues in Estate Planning

If you’ve already developed an estate plan, that’s great! Hopefully that means you’ve given your assets and your beneficiaries some protections that are needed if you are to distribute your estate in the manner you wish.

However, it’s still important to review and revise your estate plan every now and then. Not only might your personal circumstances change, but the law will likely change as well.

Here are a few examples of some of those recent trends and issues.

• Increases in property values: With real property values increasing rapidly, it may be worth reconsidering your strategies for passing down your estate to your loved ones.

• The prevalence of cryptocurrency: The rise of cryptocurrency has made it an important asset to consider in estate planning. The rate the market rises and falls in value can be quite volatile. If you own cryptocurrency, your estate plan should include information about the type you hold and language that allows fiduciaries to manage your digital investments.

• Multiple Trusts: There have been some people utilizing multiple trusts for different types of assets, including trusts for the care of animals, trusts for corporation shares, and real estate trusts.

For more examples of recent issues that can affect estate planning, we encourage you to contact a trusted estate planning attorney at BaumannKangas Estate Law.