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Home » There’s No Time Like the Present to Review your Plans

There’s No Time Like the Present to Review your Plans

August 31, 2011

Compliments of Our Law Firm,
By: The American Academy of Estate Planning Attorneys

As we retire and get ready for the next stage of our lives, many of us have a plan in place outlining what we wish to leave to our sons, daughters, grandchilden, or other loved ones, or perhaps to charity. It’s imperative to review your estate plan periodically, especially if you or your spouse are getting on in years, or if your health is failing, to ensure that it continues to meet your goals.

Time usually passes more quickly than we expect. Make it a priority to re-evaluate your goals and your Will or Living Trust, especially when there has been a change in circumstances, such as:

  • Your spouse passes away, and you find that you have additional assets to leave to your heirs, loved ones, alma mater, or favorite charity.
  • There are changes in your children’s lives such as a birth, divorce, new stepchildren, or a child who has special needs.
  • You wish to create a gifting program so that you can see the fruits of your generosity while you are still alive.
  • You want to reduce your income taxes and estate taxes so as to pass on more to your heirs.

What many people don’t realize is that there can be significant financial benefits to keeping their estate plan current. Estate taxes and income taxes can be minimized, assets can be sheltered from creditors, and heirs can receive greater benefit from a properly-created estate plan.

As you consider your plans, talk informally to your heirs and loved ones to see if there are any special wishes they have and to ascertain what their mid-term and long-term plans are for themselves and their families. Review all of your assets, titles and deeds, banking and other financial documents, retirement accounts, insurance papers, etc., to make sure that you have all of your documents in a safe, accessible place, and that the appropriate assets are funded into your Trust. Ensure that beneficiary designations are up-to-date and correct in all pertinent documents.

Meet with a loved one or someone you trust to discuss your estate plan. Make sure they know what documents you have, where they are kept, and how to gain access to them should you pass away.

Imagine the peace of mind you’ll have, knowing that you’ve updated your legal documents, looked over your other affairs, and taken the time to think about the future of your loved ones.

Remember too that you’ll need the counsel of an attorney who focuses his or her practice on estate planning, to make sure that all of your documents are legally binding and that you take advantage of the laws and procedures for your state. This way you’ll avoid pitfalls, protect your assets, and provide as you wish for your heirs.

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So much of a client's high or low opinion of an organization depends on their welcomed feeling. I felt that every time I visited the office, every person I talked with listened and took action on my concern or questions! They were also very friendly.

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August 24, 2020
    

From phone calls to signing the final documents I was treated with respect, kindness, and understanding by Wayne & Jenn. Every business that wants their business represented well should have someone like Jenn & Wayne. They both made me feel relaxed and assured I was at the right place at the right time at this time in my life. 

~ Deborah Rucinksi, North Dakota 
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August 24, 2020
    

All of the paperwork was completed in a timely matter. Wayne was very good in explaining the trust to us. 

~Anonymous
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August 24, 2020
    

Thank you for taking care of my finances after I am gone. I worried about probate once; hopefully this has been solved. Everyone was very polite and helpful. Thank you Katie for answering my questions, and also Jenn.

- Anonymous
Client Review
August 24, 2020
    

This Avvo rating is killer and so deserved! You are the best brother! The only thing is I think the 10 rating is too low, in my book you go to 11! Congratulations on the award, you should be very very proud. See you at your Holiday party, thx for the invite.

Anthony G., Los Angeles, CA
Client Review
August 24, 2020
    

Everyone at German Law was helpful and pleasant. I felt good about my decision, I thought I was doing the right thing for myself & my family. Wayne took his time and didn't rush, which is good because a lot of this can be over people's heads.

A.W., Red Lake Falls, MN
Client Review
April 15, 2021
    

Excellent

Very interesting, informative and valuable information and ideas.

Valuable information.

RP
Client Review
April 15, 2021
    

5 STARS! Thanks for allowing this to be on a webinar! Very interested in this topic.

Great Estate Planning Guide

SD
November 25, 2022
    

John provided very short turn-around time that we needed. He built an amortization schedule that really met our needs. He was responsive and very easy to work with! Quick and easy!

 

Cammy was also very helpful and professional!

November 25, 2022
    

Really Liked it.
Assisted by John Oelke

November 25, 2022
    

Excellent!

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