Thursday, August 29, 2019
If you have made the adult decision to create a will, you have taken a step in the right direction. But even if you think that your estate is modest or you life has not changed much since you signed your will, it is still a good idea to review - just in case.
Federal laws regarding wills and estates are ever-changing, especially from one administration to another. State laws regarding inheritance and gift taxes can also be updated. You may have also written your will before a large promotion or before your parents died, leaving you a portion of their own estates. Often, parents want to protect their children from themselves. If your child is currently in a rebellious stage or not making the best choices, you may have to create a trust to ensure their assets are safe.
A person's estate plan should grow with them, and if you have not look at yours in a while, the time is now.
See Christine Fletcher, Why You Should Change Your Will Now, Forbes, August 27, 2019.
Special thanks to Joel C. Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.