estate plan modification

Creating an estate plan is one of the most powerful ways to leave a lasting reminder of your love for family and friends. Unfortunately, the best estate plans are not written in stone. Instead, your estate planning strategies should grow and change based on various evolving life situations.  As we weather the coronavirus pandemic and as we overcome countless challenges, it is important to make sure that your estate plan considers life changes. This article reviews four events that should cause you to review the terms of your estate plan. Divorce and Marriage Whether you just entered into a marriage or recently ended one, it is important to consider the relationship that current or former spouses have to estate plans. If you are entering into a new marriage, you likely want to make sure that your spouse is written into your estate plan in a way that most greatly minimizes tax issues.  Conversely, if you are ending a marriage, you likely want to make sure that your ex is properly excluded from your estate plan, which includes making sure that your ex is left out of any assets that pass through beneficiary designations. The Death of a Loved One Losing     Read More

None of us is perfect. Many of us are prone to making a mistake here or there. While mistakes in some areas of life can easily be looked past, in estate planning, mistakes have the potential to result in long-lasting consequences for your loved ones.  The following will take a brief look at some of the most common estate planning mistakes. The Most Common Types of Estate Planning Errors One of the most frequent estate planning errors that people make is failing to create any type of estate plan at all. There are a number of reasons why individuals fail to create an estate plan, but one of the most common reasons is that some people believe that estate planning is only for the wealthy or only for those with large families.  In reality, anyone who has certain wishes for how things should proceed after they pass away or become incapacitated can benefit from creating an estate plan. Otherwise, courts will be required to make decisions about how assets should be distributed based on state intestacy law.  Failure to create advance health care directives will also result in your loved ones being forced to make difficult decisions about the level     Read More

As 2019 gets started, it is a wise idea to consider whether your estate plan is still sufficient for your various goals. While it might be an uncomfortable thing to think about, none of us will be here forever. Make sure that your estate plan is properly written so that when you do need it, your goals will be met. The following will discuss some important things that you should consider regarding the contents of your estate planning documents. Durable Power of Attorney Durable powers of attorney for things like finance, health care, and property are important. In creating these documents, you will select a trusted individual who can make decisions and take actions on your behalf concerning these issues. Failure to properly write these documents might mean that if a sudden medical emergency happens to you, your surviving family and loved ones will not be able to make important decisions regarding what medical care you receive as well as how your assets are handled. Beneficiary Designations It is critical to constantly update beneficiary designations as various life changes including deaths, changes in the family, and relocation occur. While some people focus on just reviewing beneficiary designations on all of     Read More