Issue 14.11
A current will can give your family and other beneficiaries more than just direction as to where your assets should go. Some other benefits of having a current will are the following:
· The Probate process is shortened and simplified.
· Your will can eliminate family disputes before they arise by clearly stating your intentions and gifts
· Your will reduces the attorney’s fees your family will pay in administering your estate.
· If you are remarried, your will can eliminate or reduce disputes between your spouse and your children by your prior marriage by making clear the disposition of your assets among them.
· Your will declares who you want to be a guardian for your minor or disabled children.
· Your will declares who you want to be the conservator to manage the property of a minor or disabled child who is supposed to receive assets from your estate.
· Your will can provide that a trust be set up at your death to provide the financial needs of for family members with special needs.
· Your will can make clear if you want to give to charitable organizations or friends, which the law otherwise would overlook.
· Your will can express your personal values, such as remembering a special person in your life or giving heirlooms to special people.
· Your will can minimize estate taxes that may be payable at your death.
· If you have taken the step of having your will prepared, you should take time at least annually to review your will to ensure that it reflects your intentions and meets your current needs and circumstances. Your birthday, New Years Day, or April 15 (tax day) are days when people often think about their affairs and whether everything is in order. These are good days to quickly review your estate plan to make sure it is up to date.
As you review your will, consider the following events that may require you to update your will:
· You have given away or sold assets specifically mentioned in your will.
· You have had a change in marital status, such as death of a spouse, divorce, or remarriage
· A child has reached adulthood or has had children.
· You have written on your will by crossing out gifts or beneficiaries in your will, or have written in additional gifts on your will, without formally making a new will or codicil (amendment) to your will.
· Your assets have significantly increased in value.
· You have received a significant asset by gift or inheritance.
· There has been a death of a beneficiary named in your will.
· The financial needs of your beneficiaries have changed.
· A named personal representative or executor died, moved, or became disabled.
· You moved to Utah from a different state or country.
· You have made a decision to make additional gifts in your will.
In addition to your own review of your will, you should have an estate planning attorney review your will every 2-3 years as well. Changes often occur in state and federal law that may impact the taxation or administration of your estate. Remember that an effective estate plan at your death is one of the greatest gifts you will give your family at your death.
Sean Sullivan is an attorney in the firm of Brindley Sullivan, PLLC, in St. George, Utah, and may be reached at (435) 673-9220.