Why
Review & Update An Existing Will?
Many of us believe that
the day we sign our Last Will and Testament is the last
time we need bother with that traumatic process – glad
that’s done! Estate planning, however, should be somewhat
of a “lifetime” process in many ways. A Will can and should
be reviewed periodically to determine whether its provisions
still apply in light of developments within and outside
the family unit. Should a substantial change occur within
the family, such as the death of a named beneficiary under
the Will or the onset of a major health problem to a contingent
beneficiary, the opportunity should be taken to review
and perhaps revise the Will’s provisions to address these
changes. Additionally, reviews and revisions should be
done when the value of property increases or decreases
significantly in value, when the government makes changes
to the death tax laws, when you move from one state to
another, when your designated executor, trustee or guardian
(or any named alternate) dies or expresses unwillingness
to serve the appointed role. A simple revision can usually
be made by executing a codicil amending the Will or by
executing a new Will where the requested revisions are
numerous and substantial. Be certain your Will is up-to-date
and that it passes your property exactly as you intend.
It is equally important to periodically review and update
any revocable trust or advance directives you may have
previously signed.
Careful estate planning
now can ensure that you preserve as much wealth as possible
for your family. We would be pleased to assist you in
separating the opportunities from the pitfalls in planning
your estate in light of Congress’ frequent changes to
the federal tax laws. If you have questions, please call
a member of our Estate Planning Group: Alan Shovers, Brian
Williams, John Hegeman, Mark Samila or Allison Comstock
@ (812) 423.3183.
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