Why it’s Important to Make Sure Wills and Trusts are Updated
At some point, your estate plan is going to become outdated. This will likely happen when your children become grown, your financial condition changes or when you reach retirement. When your own personal situation changes, it’s important to make sure you make the corresponding changes in your estate plan, as well.
The following are some issues you should be sure to revisit every so often:
Who gets what property? A lot of arguments in families occur over who gets what property after a parent dies. Emotions are already running high in the aftermath of the parent’s death. Make sure you go over who is getting what property, and that your family members are kept in the loop about your decisions to avoid any arguments after your death.
Who is in charge of your estate? Choosing an estate executor can be difficult. If you haven’t updated your estate plan with your preferred executor, your estate might be left in the hands of someone who isn’t truly up to the job. This is a decision you should revisit occasionally.
Will taxes affect your estate? As time goes on and your estate accrues more value, there’s always the chance it could become affected by estate taxes. Therefore, it’s important to update your estate plan so your family isn’t surprised when a significant chunk of your estate is suddenly coopted by Uncle Sam.
Who will be paying the bills? One element of your estate plan should be who is in charge of paying off debts, taxes, property repairs and other expenses. Make sure you revise this information so you know the person you’ve chosen is financially able (and organized enough) to do so.
What will happen to your children? If you have underage children, it’s important to update your estate plan to make sure there are plans in place for who would become their guardians in the event of your untimely passing.
For more information on updating a wills or trusts, contact the dedicated Florida estate planning attorneys at Gierach & Gierach, P.A.