Is your will as effective as it was twelve months ago? A multitude of life changes, including changes you may not be aware of, can make a small or large part of your will obsolete. As children or grandchildren grow, as life brings you moments of joy or sorrow, in short, as the activity of the seasons immerses you in the daily experience of life, it's easy to forget about how these changing times will affect your loved ones after you are gone. For this reason, it's a good idea to dedicate some time each year to review the specifics of your estate plan.
Changes in Your Family
If you are divorced or newly married, you probably already thought about the impact your new status has on your will. In some states, such changes render a will obsolete. Also, unlike children who can be disinherited, a spouse is legally entitled to a portion of your estate.
Children are disinherited for any number of reasons. Regardless of how much you love a child, that child's self-destructive behavior may lead you to omit him from your will. A specific statement of disinheritance will prevent any confusion about your intentions.
Changes in Your Wealth
A common change, unfortunately, in these economic times, is a decreased value in net worth. If the value of your assets has decreased in the past year, it may be cause to change your will.
Alternately, an increase in wealth may make your estate vulnerable to estate tax. A will can be crafted to minimize that tax burden on your estate.
Changes in Estate Laws
Estate tax laws change every few years. More often than not, these changes expose weaknesses in existing estate plans and increase tax liability. An attorney well-versed in estate planning is your best defense against exorbitant estate taxes.
Even though you wrote your will under careful consideration, your intentions may not be implemented or may change completely as your life continues to change. Make a yearly appointment with yourself to review your will and avoid the procrastination that you successfully overcame when you created it in the first place.
This article is not intended as legal advice or information.
Attorney Andrew M. Lamkin can consult with you to help you adapt your estate plan to meet the needs of your changing life.
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