If our ultimate denial is death, it should shock no one that preparing a will is only a notch above a root-canal for many (though we touch a different nerve). But to put it off can be to have your hard-earned estate distributed in ways that are vastly different from what you would prefer. And even if you have a musty will in a forgotten corner of a safe deposit box, we live in a time of changes which might well make it obsolete.
Laws change. Marital circumstances change. The size and nature of your estate change. Your purposes and goals change. The needs of your heirs change. People you have named executor or trustee move away.
Many of the rules which cause taxation of estates in, say, 1980 at both the state and federal levels are substantially different in 1999. (You want a pleasant surprise? In many cases they are less onerous!) The laws regulating pensions and deferred compensation plans are in constant flux, and you should know what the effects are on the distributions you hope to receive as you reach certain ages.
We suggest you review your wills at least once every 18 to 24 months. You may not need any changes, but it helps just to refresh your recollection.
And, if you conclude that you should need to talk to us about estate planning issues, we promise to play soft music in the background.
Laws change. Marital circumstances change. The size and nature of your estate change. Your purposes and goals change. The needs of your heirs change. People you have named executor or trustee move away.
Many of the rules which cause taxation of estates in, say, 1980 at both the state and federal levels are substantially different in 1999. (You want a pleasant surprise? In many cases they are less onerous!) The laws regulating pensions and deferred compensation plans are in constant flux, and you should know what the effects are on the distributions you hope to receive as you reach certain ages.
We suggest you review your wills at least once every 18 to 24 months. You may not need any changes, but it helps just to refresh your recollection.
And, if you conclude that you should need to talk to us about estate planning issues, we promise to play soft music in the background.
– Ken Butera