Estate
Planning: Is the process of planning an estate to
include the distribution of personal & real property assets,
business assets, life insurance, taxes, and family needs while the
person is still alive. It may include the use of trusts, wills,
health care agencies, powers of attorney and living wills to accomplish
client’s objectives.
Probate:
A court proceeding through which a Last Will & Testament is
proved to be valid and the estate of the decedent is administered.
This process, generally, includes collecting a decedent’s
assets, liquidating liabilities, paying necessary taxes, and distribution
of property to heirs.
How
often should legal documents be reviewed? Once
a legal document is completed and signed, it is often carefully
laid to rest in a safe deposit box or file drawer and comes out
again only when a party dies or a conflict arises.
Prudent
persons periodically review and update their legal documents. Just
how often depends, of course, on the document and which circumstances
have changed. The following list sets forth some events which may
require the updating of a legal document.
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Marriage
- Dissolution of a marriage (divorce)
- Death of a spouse
- A substantial change in state size
- A move to another state
- Death of executor, trustee, or guardian
- Birth or adoption
- Serious illness of family member
- Change in business interest
- Retirement
- Change in health
- Change in insurability for life insurance
- Acquisition of property in another state
- Changes in tax, property, or probate and trust law
- A change in beneficiary attitudes
- Financial irresponsibility of a child
If
there is any question as to the effect of a change in circumstances
on your will, trust, buy-sell agreement, etc., call your attorney
and have it reviewed before a crisis arises.
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