Time to Review Your Last Will & Testament
There are often two reasons to update your Last Will & Testament: A major change in your life or the law has changed. I suggest you review your old will with an estate planning attorney – don’t wait until it’s too late to make a change!
Today I want to direct your attention to trust provisions in wills. Many of my clients had included a trust provision to benefit minor children or to shelter their estate from federal estate taxes. If it’s been some time since your will was made, it’s likely that the law has changed or perhaps your children have grown. If that’s the case, it’s likely time to change your will.
Changes in Life. We always encourage people to consider updates to their will after major life events (e.g. marriage, divorce, a birth, death). You may have included a trust provision because your children were minors. If your children are now adults, your will should be updated to remove trust provisions for minors. Similarly, you may also want to name your children as executors of your estate.
Change in the Law. The federal government’s estate tax exemption has increased from $675,000.00 in 2000 to $11.2 million in 2018. It was once common to use a trust provision in a will to avoid paying federal estate taxes but with the current exemption amount, a trust provision is often unnecessary and creates greater costs and stress for your loved ones handling your affairs after you’ve gone.
Call our office at (570) 321-6112 to schedule an appointment to review your old will to see if it’s time to update it. Peace of mind for you and your family are our top priority.