Once your estate plan is completed you should review it every couple of years to make sure you are getting the maximum benefit in light of changed laws. Further, you should also review the document when there is some major change in your life. There are reasons to have an estate plan above the care of your children and making sure that your things are given to specific people. One reason is to lessen the estate tax burden. Contact me whether you are at the initial stage of estate planning or need a review of your current estate plan.
The Landsman Law blog is intended to be a general legal resource. Please read the below Disclaimer. I am an attorney licensed in Minnesota with the Minneapolis law firm of Hoff Barry, P.A. Contact me if you have any specific legal questions. I can be reached at SLandsman@HoffBarry.com or (952) 746-2709.
Friday, July 15, 2011
Thursday, July 7, 2011
So I've got a Will, but what if circumstances change?
A Will remains effective until it is changed or revoked. I recommend if you have a Will that you periodically review the Will to ensure it provides for your family as planned or to address new or changed circumstances. If your Will does not include changes in your life that occurred after the Will was created, the Will may not accurately reflect how you would want those circumstances addressed at your death. You should consider reviewing and changing your Will when you marry or divorce, if there is a birth or death in the family, a named guardian for you children dies or is no longer available, the value or type of your property changes significantly, or you move to another state.
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