Back again with more thoughts on Estate Planning
after completing your divorce. As
a diligent reader of this blog, by now you should be picking up a central
theme. Changes mean you should
consider revisiting, if not revising, your Estate Plan.
I am posting this week a bit later, because over
this past weekend, my nephew graduated from High School, we had Father’s Day,
my sister-in-law had a birthday and I had a birthday. Momentous events for some, odometer ticking for others. However, whenever there are any
significant changes in your life, you should consider reviewing your Estate
Plan.
Significant changes can include people or
things. Obviously, getting
divorced, getting married, having children, all are people changes. When family members and friends die,
that could mean inheritances for you, these are people changes and thing
changes. Buy a house, sell a
house, get a job, change a job, get stock options, get stock, buy stock, sell
stock, get a patent, write a book, any changes to investments, buy or sell
vacation properties or income properties, buy insurance, contribute to any
retirement account or asset, these are the thing changes. As you get or change the who and the
what in your life, these things, may have impact or trigger the need to have an
Estate Plan or revise an Estate Plan.
You might say, “OK Fred, I get it, I didn’t have
anything, now I am married with children and have some stuff, I should develop
an Estate Plan with my “A Team”, but if I have already done that, why would a
change in my stuff mean I need a new Estate Plan?” Fair question.
It is possible that your Estate Plan is written in a fashion that
everything you have goes to your spouse and you don’t have much. It may be that you have your simple
will and everything is in both your names, and your retirement is all properly
designating each other as beneficiaries.
You may not need a new Estate Plan. But when you re-fied your house, the names on the deed were
not done correctly, or when you changed jobs, the 401K was transferred to
become a Rollover IRA and you forgot to re-designate your spouse or children as
your beneficiaries. Could be, your
company was using Merrill Lynch to control stock options, but now uses Morgan
Stanley, and forms were incomplete.
Maybe, you simply changed primary banks, and all your accounts went from
the You and Me Family Trust to You and Me, and we never caught that the bank
dropped the “Family Trust” from the title. Any small change, whether in your control or not, could
create an irreparable error upon your death. We need to check Estate Plans now and with any changes.
Fate favors the ever vigilant. I hope you review what you have and how
you hold it from time to time.
After the holidays every year, you get all your year end statements, maybe time for a serious New Years Resolution? Every tax season, you have to account for everything, make that the time
you also review matter with your a Team. Maybe just pick some date for your random, but annual review.
In the bogs that follow, I will begin to address in
greater detail each of the major components of an Estate Plan, starting with
Wills. However, if you are
interested in learning more about an Estate Plan, Wills, Trusts, Advanced
Healthcare Directives, or Divorce, Custody, Visitation, Child Support, Spousal
Support, Property Division, Modifications, Remarriage, or Pre-Nuptial
Agreements, please contact me at http://www.fcbegun.com/,
fbegun@gmail.com or at http://www.linkedin.com for Fred Begun.
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