If not properly planned, your will may cause headaches or problems for your loved ones and fail to fulfill your wishes. Fortunately, solutions are available for the following situations.
Situation: Invalid will. Have you properly and thoroughly planned your estate?
Solution: Because a will must follow strict requirements in many states, make sure not to overlook small, yet essential, details. It is also important to make sure your will does not contradict any of your other estate planning documents.
Situation: Out-of-date will. Have certain situations changed in your life?
Solution: Review and update your will regularly. Changes include a marriage, divorce, birth or death; a change in tax structure; or a desire to name a new executor or trustee.
Situation: Estate tax consideration. Will a change in tax law affect your estate plan?
Solution: Under current law, the federal estate tax applies if you die in 2008 and your estate is worth more than $2 million. In 2009 that amount will increase to $3.5 million. In 2010 estate taxes are completely repealed, yet they reappear in 2011 and the exemption drops to $1 million. Therefore, keep abreast of how these scheduled changes affect your estate plan.
Situation: Charitable giving. Does your will bequeath anything to the educational institutions such as Metropolitan State University Foundation that are important to you?
Solution: You may add a charitable bequest of cash or specific property to your previously established will by adding a codicil, or you may draft a new will.
To learn more about designing an estate plan to meet your needs, consult an estate planning attorney.
Please call Deb Vos at 651-793-1802, or e-mail us at firstname.lastname@example.org for more information.
A Will: The Basics and Beyond
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The information in this Web site is not intended as legal advice. For legal advice, pease consult an attorney. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income tax include federal taxes only. Individual state taxes and/or state law may impact your results.