Don’t Leave Your Legal Documents On Autopilot
I am often asked how often a Will or other Estate Planning document should be updated. Unfortunately, there is no brief answer to that question. In general, your Estate Plan, Will or legal document should be periodically reviewed – annually and/or when there is a personal or family “development”. Such ‘developments’ would include a birth or death in the family (or one of your named beneficiaries); a marked increase or decrease in the value of your assets; a material change in your health; marriage or divorce; relocation to another state (significant is a move from/to a community property state); marriage/divorce of a family member; receipt of a bequest under a Will or a gift. Changes in the tax or probate laws can also trigger the need for a review. (Changes in tax regulations and the laws of Probate can have a significant impact on any Estate Plan)
Purchase or disposal of a property; creating a business succession plan; entering into any contract negotiation or contractual arrangement; buying/starting a business; offering a significant loan; formulating a retirement plan; entering a bankruptcy/insolvency situation; creating/modifying a trust document are all specific examples of where a legal review would be advisable.
My personal thirty years of practice experience covers: Probate of Wills; Administration of Trusts; Making/Changing a Will; Buying/Selling a Business; Creating/Modifying a Trust; Community Property & Relocation; Buying/Selling a Major Asset; Business Succession Planning; Retirement Planning; Business Contracts; Creation of Business Entities and Marital Agreements.
Specific documents that I can help you with include: Wills, Revocable Living Trusts, Testamentary Trusts, Powers of Attorney, Living Wills, Beneficiary Designation Forms, Life Insurance Trusts, Irrevocable Trusts, ‘Grantor’ Trusts, Personal Residence Trusts, Marital Agreements, Owner Buy/Sell Agreements, Purchase and Sale Agreements, Business Contracts, Corporation Agreements, LLC Agreements, Real Estate Deeds, and Will/Probate Documents and quite a few more…
One thing you might consider is that in the long run…”hiring a lawyer can be less expensive than making a legal mistake“
Working to Preserve Your Wealth and Protect Your Future in a Constantly Changing World.
This post has been brought to you through the Law Office of Barbara Ann Dalvano. This information is provided for educational purposes only and to generate ideas, provoke thought and facilitate conversation. It is not intended to create an attorney-client relationship. Each person’s situation is different and this information should not and cannot be relied upon as legal, tax, accounting or investment advice. Please read the entire disclaimer for more important information.
Barbara Ann Dalvano, Esq.
Phone and Text Message: (719) 963-2933
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