Docstoc

Updating Your Will -- There May Be More Reasons to Do So Than You Realize

Document Sample
Updating Your Will -- There May Be More Reasons to Do So Than You Realize Powered By Docstoc
					Updating Your Will -- There May Be More Reasons to Do So Than You Realize

Your Last Will and Testament is your only chance to decide what happens to your estate
assets upon your death. It is the cornerstone of your estate plan -- the document from
which all other estate planning tools flow. Once you have taken the time and effort to
create your Will, don’t make the mistake of failing to update it when necessary. Some
reasons that a Will needs to be updated are obvious; however, consider the following, not
so obvious, reasons as well when deciding if it’s time to take another look at your Will.

      Death: People think to update a Will when a parent, spouse or child dies, but the
       death of the person named as executor or guardian of your minor children can also
       prompt a review of your Will. The death of a business partner or even an in-law
       may also warrant a Will update.

      Marriage or Divorce: Clearly, your own marriage or divorce calls for a revision of
       your Will; however, other marriages or divorces may also necessitate a change.
       The marriage or divorce of a parent, child or guardian, for example, can call for a
       review of your Will.

      Birth: Although it is easy to rely on a generic term, such as “issue”, to cover all of
       your children or grandchildren, it may be preferable to name each beneficiary by
       name in your Will to avoid any possible future confusion. As such, take the time
       to update your Will when there is a birth in the family.

      Beneficiary Reaches the Age of Majority: Minors cannot inherit directly in your
       Will. As such, you likely named a trustee for any minor children when you made
       your Will. If a child has reached the age of majority, you will need to remove the
       trustee and provide for the direct transfer of those assets to the beneficiary in your
       Will.

      Change in Assets: Although you may have a general provision in your Will for
       any asset not specifically named, if you acquire an asset worth a significant
       amount of money, or sell one, you may need to update your Will to address that
       asset for clarification.

      Change in Location: In the confusion of a move, people typically don’t think of
       how residency can affect a Will. State laws, however, can directly impact
       provisions in your Will, warranting a review and possible revision.

      Change in State or Federal Laws: Laws change on a regular basis. Federal tax
       laws, for example, seem to continuously change. A significant change in either a
       state or federal law can result in the need to make a corresponding change to your
       Will.

      You Reach the Age of Required Distributions: IRAs and 401(k)s typically require
       you to start taking distributions around the age of retirement. If you have
       significant funds in one of these accounts, the required distributions can change
       your asset structure enough to warrant a Will update.

      Change in Guardian: This is a big, yet often forgotten, reason to update your Will.
       Regardless of the reason why you wish to change the named guardian for your
       minor children, if you wish to do so you must make it official by revising your
       Will.

Experienced estate planning attorneys Atlanta GA of the Pyke & Associates P.C. offers
estate planning and business planning resources to residents of Atlanta GA. To learn
more about these free resources, please visit http://www.cpyke.com today.

				
DOCUMENT INFO
Shared By:
Categories:
Stats:
views:2
posted:4/18/2012
language:
pages:2
Description: Your Last Will and Testament is your only chance to decide what happens to your estate assets upon your death. It is the cornerstone of your estate plan -- the document from which all other estate planning tools flow