Legal Alert Is It Time To Review Your Estate Plan?

Authored By CINDY A. WOLFER

YOUR ESTATE PLAN – APPROPRIATE WHEN SIGNED:

Your estate plan was appropriate when you executed it based on your desires, your family situation, the nature and extent of your property and tax considerations.  While your plan should have some flexibility built in to take into account future contingencies and changes, your estate plan may not be appropriate or even desirable in the future.  Changes, some of which are not controllable, can cause this to occur.

CHANGES THAT WOULD WARRANT REVIEW:

  • You change your mind as to whom you want as beneficiaries or the conditions under which you want your beneficiaries to take property
  • Your marital status changes
  • Your state of domicile changes
  • You purchase real estate or other property located outside Indiana
  • You have children and need to nominate a guardian and/or establish a trust for a minor
  • Your children reach adulthood
  • You have grandchildren
  • There is a change in the number of your dependents (a child moves out or a parent moves in)
  • You or a spouse face a severe illness or disability
  • A beneficiary under your estate plan qualifies for Medicaid benefits
  • An executor or trustee named in your plan moves, dies or becomes unable to serve
  • The value of your assets increase or decrease significantly
  • You buy or sell a significant asset
  • You borrow a large amount of money or take on a large liability
  • The ownership of your property changes or you acquire more contract property such as annuities, life insurance, retirement accounts or transfer on death property
  • You make large gifts of property to family or charities
  • There is a legislative change in the tax or other applicable laws governing transmission of property at death

REVIEW AT LEAST EVERY FIVE YEARS:

We recommend in any event that you have your estate plan reviewed at least every five (5) years with competent legal counsel and more frequently as you age.  A review gives you peace of mind that your estate plan is working as you intended to minimize the stress and uncertainty your loved ones face after you are gone.

The Legal Alert is for general information purposes only, and is not intended as legal, tax or accounting advice or as recommendations to engage in any specific transaction and does not purport to be comprehensive.  Under no circumstances should any information contained in this Legal Alert be used or considered as an offer or commitment, or a solicitation of an offer or commitment, to participate in any particular transaction or strategy.  Any reliance upon any such information is solely and exclusively at your own risk.  Please consult your own counsel, accountant or other advisor regarding your specific situation.   Rothberg Logan & Warsco LLP will not be responsible for any consequences of reliance upon any opinion or statement contained here, or any omission.