Revising your Estate Plan

The decision to update your Estate Plan periodically is as important as the decision to create one. Significant life occurrences since the creation of your original Estate Plan may require revisions to the document. Changes in your financial situation, tax laws and even your opinion on issues addressed in your original Estate Plan may change, and thereby, necessitate an update to ensure that it reflects your most current wishes. At minimum your estate plan should be reviewed and revised if...

  • You have moved to a new state

  • Your marital status has changed

  • Your wealth status has changed

  • You have additional family members

  • Your minor children have reached adulthood

  • You wish to increase your charitable giving

  • Estate tax laws have changed

Additionally, you should review and revise your estate plan if any of the following situations exist:

  • A review of your will by an attorney has not occurred in the past 12 months

  • The will was drafted prior to ERTA (1981) and contains a limited marital deduction clause

  • Addition of/deletion of beneficiaries is desired

  • Change in the amount of marital deduction or in the amount of life income to the surviving spouse is desired

  • There has been a significant change in the value of the testator's estate or one or more assets that have appreciated greatly

  • There has been an acquisition/change in ownership of life insurance, qualified pension plans, or other retirement benefits

  • Change of a guardian, executor, or trustee designation is desired

  • There has been a change in the status of a fiduciary (divorce, deterioration of health, disability, relocation)

When reviewing your Estate Plan always reassess whether it continues to accomplish the following goals:

  • Reduces or eliminates your estate taxes

  • Assures adequate retirement income

  • Distributes your estate to children and heirs

  • Provides for minor children

  • Transfers the family business

  • Makes gifts to favorite charities

People forget that a Will or Living Trust is just a snapshot of circumstances at a specific point in time. As time moves on, and circumstances change, you need to change your Will or Living Trust accordingly to ensure that you are minimizing taxes and other expenses, and thus ensuring the maximum value of your estate at the time of its distribution. You may also want to make changes in how, or to whom, your property is distributed.

It's important, therefore, to review your Will or Living Trust at least every two years or every time you experience a significant life change. If you move to a different state or you change your marital or financial status, your plans may need to be changed.

Note: The information provided is not intended to be a substitute for professional estate planning or legal advice. Since the laws regarding the validity and enforcement of Wills vary from state to state, it is important to seek legal counsel in preparing your Will.
 

For More Information

If you think we can be of any assistance with regard to your estate plan, or should you wish to provide for Greenpeace in your will or trust, please do not hesitate to call our Gift Planning Office at (800) 328-0678.

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