Have You Reviewed Your Will or Trust Lately?

Your will or trust was prepared so that your assets will be distributed according to your wishes after your death.  These documents can also reduce estate taxes.  However, certain events can cause these documents to become outdated and create family stress and unpleasant tax results. last will and testament

Revised tax laws and life’s ever-changing circumstances make estate planning an ongoing process.  That’s why a periodic review of your will or trust is an essential part of estate planning.   Here is a partial list of occurrences that could cause your will or trust to be outdated:

  • Your marital status has changed
  • Your heir’s marital status has changed
  • You have relocated to a different state
  • Your assets have changed significantly in value
  • You have sold or acquired a major asset(s)
  • There is a change in your personal representative
  • You wish to change heirs
  • Estate laws have changed

Are your named beneficiaries up-to-date on your insurance policies, IRA accounts, and pension plans? For example, did you forget to remove your ex-spouse, or a deceased relative as your beneficiary?  You should never overlook or put off these issues, because when you die, it is too late to make changes.

If you are not currently working with an estate attorney, please consider becoming a LegalShield member. For one flat monthly fee, our estate attorneys will prepare and/or update your last will  & testament, living will, POA, as well as revocable trust documents. You will also have unlimited access to our attorneys to talk about any personal legal matter, no matter how traumatic or trivial the issue.

Please call our office to learn more information today.

This entry was posted in Cost-Savings Tips, Estate Planning Tips, Legal, Retirement Planning, Tax-Planning Tips. Bookmark the permalink.

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