First, let's start with the basics. If you do not have a Will, you should. Thinking that Wills and Estate Planning are only for the wealthy or elderly nearing the end of life is a major misconception. Even though death is not something we like to talk about, it is a reality. Therefore, it is important to have a plan regardless of wealth or age.
Your Will is one of the estate planning tools that will help carry out that plan. In future posts we will look in more detail at the Will and other estate planning tools like the Power of Attorney and the Advanced Health Care Directive and also examine how they fit into a basic estate plan.
For those of you who have a Will, congratulations! However, when was the last time you and your attorney reviewed your Will? When and Why You Should Update Your Will is the focus of a Lawyers.com article that offers many of the major reasons for updating your Will such as:
• Someone named in the original will has died
• Your marital status has changed since the will was written, and you're now married, divorced, remarried or widowed
• You had no children when the will was originally written and you're now a parent, or you have more children than when you originally drew up your will
• Your children are now all at least 18 years old
• You'd like to add or remove heirs
• You've acquired or disposed of a significant asset, such as a house or business
• You've changed your mind about how you'd like your assets to be distributed after your death
• The value of your estate has increased or decreased significantly
• You'd like to add or change the charities named in your will
• You've moved to a different state
• New laws have been passed that would effect your estate
• You'd like to change the people originally designated as guardians, trustees or personal representatives
• A witness to your original will has died or can't be located
• It's been more than 5 years since an attorney last reviewed your will
Some of these are not Alabama specific, but as you can see there are many reasons why you and your attorney should review and possibly update your Will. As mentioned, your Will is part of your overall estate plan, and like all plans your estate plan may change over time.
Birmingham Estate Planning Attorney Richard Burton provides legal services in Estates, Wills & Trusts, Probate Administration, Guardianship and Conservatorship, Asset Protection Planning, Business Succession Planning, Federal & State Tax Planning, Charitable Giving & Private Foundations. Contact Richard at www.attorneyrichardburton.com or call (205) 789-9894.
Source: Lawyers.com, "When and Why You Should Update your Will" last viewed October 4, 2011.
http://wills-probate.lawyers.com/wills-probate/When-and-Why-You-Should-Update-Your-Will.html
Your Will is one of the estate planning tools that will help carry out that plan. In future posts we will look in more detail at the Will and other estate planning tools like the Power of Attorney and the Advanced Health Care Directive and also examine how they fit into a basic estate plan.
For those of you who have a Will, congratulations! However, when was the last time you and your attorney reviewed your Will? When and Why You Should Update Your Will is the focus of a Lawyers.com article that offers many of the major reasons for updating your Will such as:
• Someone named in the original will has died
• Your marital status has changed since the will was written, and you're now married, divorced, remarried or widowed
• You had no children when the will was originally written and you're now a parent, or you have more children than when you originally drew up your will
• Your children are now all at least 18 years old
• You'd like to add or remove heirs
• You've acquired or disposed of a significant asset, such as a house or business
• You've changed your mind about how you'd like your assets to be distributed after your death
• The value of your estate has increased or decreased significantly
• You'd like to add or change the charities named in your will
• You've moved to a different state
• New laws have been passed that would effect your estate
• You'd like to change the people originally designated as guardians, trustees or personal representatives
• A witness to your original will has died or can't be located
• It's been more than 5 years since an attorney last reviewed your will
Some of these are not Alabama specific, but as you can see there are many reasons why you and your attorney should review and possibly update your Will. As mentioned, your Will is part of your overall estate plan, and like all plans your estate plan may change over time.
Birmingham Estate Planning Attorney Richard Burton provides legal services in Estates, Wills & Trusts, Probate Administration, Guardianship and Conservatorship, Asset Protection Planning, Business Succession Planning, Federal & State Tax Planning, Charitable Giving & Private Foundations. Contact Richard at www.attorneyrichardburton.com or call (205) 789-9894.
Source: Lawyers.com, "When and Why You Should Update your Will" last viewed October 4, 2011.
http://wills-probate.lawyers.com/wills-probate/When-and-Why-You-Should-Update-Your-Will.html
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