Articles of Interest

Is It Time to Review Your Will?

by Jeff Cory, CFP, ChFC,
Executive Director

Are you thinking about writing your will for the first time, or perhaps reviewing a will that you wrote some time ago? The time may be especially ripe, with the marketplace changing dramatically and major tax reform on the horizon again.

Add to this possible changes in your personal circumstances such as a move to a new state, a death in the family, a change in marital status, or the addition of a new family member through birth or marriage, and there may be several compelling reasons to make certain you have a valid, effective will.

In the case of a will or living trust, if any of the following major changes have occurred in your family's life in recent years, it is important to review your estate plans to see if it still meets your personal needs and wishes.

Marriage: Your own marriage will certainly require a change of your estate plan. Also, the marriage of a son or daughter can change your plan.

Birth: A new child or grandchild in the family always means a will should be reviewed. Should you have a trust to protect an inexperienced beneficiary?

Death: Does the death of a family member completely change your plan? Should the shares be changed or a beneficiary substituted?

Change of Assets: Has your estate increased or decreased in value? What will the taxes be? Do you no longer own items mentioned in your will?

Changes in Laws: Have you reviewed your will since the massive tax changes enacted over the past few years?

Change of Residence: Does your current will conform to the laws of the State of Florida?

Where do you start? It may seem overwhelming at first, but it need not be. The key is to have a basic approach: a system which enables you to proceed without worry and one which gives you the flexibility to cope with ongoing changes.

Keep in mind you do not have to be a tax expert to write, review, or revise a will. Your attorney should help you do that. But there are steps that you, and only you, can take to get started and to bring yourself peace of mind from knowing your affairs are in order.

We recommend a will review at least every two or three years, depending on your changing circumstances. As a service to Shell Point residents, the Legacy Foundation can assist you by reviewing your current estate plans to ensure they still meet your needs and objectives. Contact our office today at 466-8484 to schedule a complimentary appointment.