NEWSLETTER AUGUST 2015
TEN MISTAKES TO AVOID IF YOU HAVE A WILL
- Passage of time. Do not wait 20 years to review your estate plan. You should review it at least every other year. When doing so, do not mark any proposed changes on the original documentation. Do so on your copies, then take them into your attorney for the changes to be made in your estate plan.
- Death. As the saying goes, there are two things you can count on: taxes and death. Unfortunately, the death of a spouse, heir, agent, trustee, guardian, or conservator should prompt you to review your estate plan to make sure it still accomplishes your goals.
- Deteriorating health condition of yourself, your spouse, heir, agent, trustee, guardian, or conservator. Do not procrastinate in dealing with this issue, especially if your estate plan does not contemplate it.
- Unfortunately, divorce, does happen. If it does, you should visit with your attorney for changes will undoubtedly have to made in your estate plan, especially if you have underage children.
- A change in your financial condition may necessitate a change in your estate plan, especially if this change is a significant increase in wealth.
- Congress and state legislatures are always tinkering with their respective tax codes. A significant change in estate, gift, or inheritance tax laws may cause you to contemplate changes in your estate plan.
7. Any and all underage children attaining the age of majority. Your estate plan
should contemplate this. So do not hesitate to touch base with your attorney to
determine if changes are necessary.
8. The birth of a child may very well necessitate changes in your estate plan if it did
not contemplate additional children. Again, you should probably contact your
attorney about this.
9. Moving. A change of residency to another state should prompt you to visit with a
local estate planning attorney to determine if it is still beneficial for your will to be
interpreted under the laws of the State of Kansas. It may be advantageous for
you to change your estate plan to comply with that particular state’s tax code.
10. If you store your original estate plan documents in a safe deposit box, then
make sure someone other than yourself is on the signature card and that they
know where you keep your estate plan. If not, then it might be most difficult to
retrieve it from your bank.
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