Important To Update Your Will and Trust


Estate Planning

It's important to update your will and trust with estate planning and life insurance. Retirement planning with your financial planner is made easier with Bloom.
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Important To Update Your Will and Trust

By Ken Bloom, J.D., LLM

Estate planning is a lifelong process that does not end the moment you sign your Will or Trust. Your Will and Trust are flexible instruments that should change as your needs change. Once you have established a Will or Trust, you should keep it up-to-date to ensure its accuracy and validity.

Your Will and Trust should be reviewed at least every three years and whenever there is a substantial change in your family or financial situation. Generally, you should review your Will and Trust when:

  • The value of the property you own increases or decreases significantly
  • You move from one state to another
  • There are changes in the federal and/or state tax laws or the laws governing estates
  • There are changes in your family, such as births, deaths, adoptions, marriages and divorces
  • There are changes in your choice of guardian, trustee or personal representative
  • There are changes in the way in which you own property (e.g., joint tenancy, tenants in common)
  • There are changes in your personal wishes (e.g., you have changed your mind about a beneficiary's inheritance or you have acquired new charitable interests)

An up-to-date Will and Trust can help ensure financial protection for your spouse and children in the future. If you have not developed an estate plan, or if you believe your documents are outdated, take action now so you can be assured that your assets will be distributed as you intended. We would be happy to review your estate plan and make sure that it is appropriate to your needs. Please call if we can be of assistance.

 

 

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