Proper estate planning involves much more than simply making certain that your will is in order and complete.
As wills are written based on the circumstances at the time of writing, it is wise to update a will if the circumstances have changed.
Below is simple Will Checklist you can use, to check if there is a need to update a will:
- Change of one or more beneficiaries named in the will is needed.
- Change in the amounts bequested to one or more beneficiaries is needed.
- Addition or deletion of beneficiaries is needed.
- Change in the type of property bequested to one or more beneficiaries is needed.
- Change of a guardian, executor, or trustee designation is needed.
- Addition of a successor guardian, executor, or trustee is needed.
- Change in marital status of testator, or a family member of the testator’s has occurred.
- Change in the health of testator, or a member of testator’s family has occurred.
- Birth or adoption of children or grandchildren has occurred.
- One or more assets in the estate have greatly appreciated in value.
- The estate has a potential liquidity problem.
- There has been an acquisition or change in ownership of life insurance.
- There has been significant changes in a business situation.
- There are business liquidity or continuity problems.
- There has been a change in the status of a fiduciary (divorce, disability, etc).
- There has been a change in the form of property ownership.
- There has been a change on one or more deeds of ownership.
- There has been a change in the state of domicile.
- Additional property has been acquired outside the state of domicile.
- The tax law has undergone significant changes.
- The will contains unclear language that a court may not enforce.
- Will has not been reviewed by an attorney in the past 12 months.
- Execution requirements have not been satisfied.
To learn more about Estate Planning, contact your FLA Organization financial planner for more information today.
