13
GUEST
COLUMN
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However, certain events can cause these documents to become outdated and create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.
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will or trust to be outdated: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?
Did you know that if you have an insurance policy to cover your final expenses or estate that you
should have a second opinion life insurance review? About every five years, you should have a
review. Many times you can purchase the same insurance for less money or get more coverage for
the same premium. It is certainly a good move to seek a review.
You should never overlook or put off these issues, because if you pass on, it is too late to make
changes.
If you have questions about how your changed circumstances may impact your estate taxes, please
give this office a call.
Ed Nichols, President, Brown, Graham & Company, P.C., Tax – Estate Planning