When you hit major life milestones take a fresh look at your will. If you sign it and put it in a safe deposit box and forget about it you run the risk that the world will change and leave you behind. That may be a little dramatic sounding. If you bother to make a will it is important to be sure that it reflects your wishes.
There are 3 things to keep in mind when we review a will or a trust document. It is easy to remember the 3 things if you remember 3 words, Wrong, Inconsistent, and New. The initials serve as a reminder W.I.N..
Some documents were simply done Wrong. This is a often the case when you have an attorney draft the documents but we do sometimes find errors within the documents.
Your existing estate plan may be Inconsistent with your current wishes for your family. Things may have changed in your life or in the lives of your loved ones.
Finally, there are likely to be some New laws which may have an impact on the way your family will inherit. In addition to new laws, there have been many advances in the planning methods used by estate planning attorneys. These new ways of doing things may open new doors for you and for your family.
This is my checklist of questions, to ask yourself, that may prompt a review. Most of these items are meant to get you thinking about what changes have occurred in your life or the lives of those you love. We are looking for ways that your existing plan may now be inconsistent with your current wishes.
____ Are any of the people you have named died?
____ Has your spouse died?
____ Do you have a new favorite charity?
____ Has a child or grandchild become disabled or incapacitated?
____ Has your home state enacted new laws that impact your estate plan?
____ Have the Federal estate tax laws changed? When have they not?
____ Are there new people you should name in your will (birth, adoption, step child)?
____ Have you been divorced?
____ Did you get married, or re-married?
____ Have you moved to a different state?
____ Have you changed your mind about who will raise your children (guardian)?
____ Do you have someone new in mind to act as personal representative or trustee?
____ Have any of your children reached the age of 18 or 21?
____ Have you had large increases or decreases the value of your estate?
____ Have you bought or sold a significant asset?
____ Are you 701/2 years old and need to take distributions from a 401k plan or IRA?
____ Has it been over 5 years since your last review?
Set an appointment, to review, for your “5” birthdays (ages 40, 45, 50, 55... ) just like changing the battery in your smoke detector when you change the clocks for day light savings time.
Author Resource:
My name is Tom Olofsson. I am a lawyer. I help families plan for the future. My hope is that this site will make it easy for you to find out about estate planning and to see if you would like me to help you plan for your family’s future. My goal is to help you decide which Estate Planning tools are best for you and your family.
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