Have you just gotten married? Had kids? Gotten an inheritance?
Many people put together a first estate plan because of one of these triggers. Others are inspired to sign their first, overdue will after a friend dies, or when they’re planning for a trip and start thinking, “God forbid the plane crashes.” (No matter that there were no airline fatalities in the last year, and there are 30,000 deaths on the nation’s roads a year. Fear is fear.)
What about saving estate tax? That used to be the big sell for estate planning, but no more. In December, Congress set the amount an individual can leave someone other than a spouse without worrying about estate tax at a generous $5 million per person ($10 million per couple) for this year and next. (Technically, it is set to drop back to $1 million per person Jan. 1, 2013). Plus, 22 states and the District of Columbia have their own estate and/or inheritance taxes.