Providing for Our Loved Ones After We Are Gone
A will is the most valuable resource you have to ensure that the people you love are provided for when your time on earth is done. The best way to make sure that your intentions are known and that you aren’t leaving your family to guess what you would have wanted is to have a will in place. Because life changes rapidly, it is important to regularly review, revise, and update your will to keep pace with changes in family, your wealth, laws and regulations, etc. Here are some of the top reasons that revisiting your will should occur as regularly as filing your taxes:
Changes in Assets
Significant increases or decreases to your finances warrant a second look at your will. If you are on the good fortune side of this, you should consider that transferring some holdings before they increase in value can allow them to be sheltered from both gift and estate taxes. In order to make sure that this wealth goes to the person(s) you wish, you should speak with your attorney about making the necessary changes to your will. If you are on the unfortunate side of this situation, it is equally important to look at your will with an attorney. With the advice of a good attorney, you can take this financial setback and turn it into something productive for your family.
Additional Family Blessings
In order to make sure that all the people you love are included, you should meet with your attorney to revise your will after the birth of a child or grandchild. Whether you are becoming a parent for the first time or having your third child, it is important to make it known who you want to care for your child(ren) if something were to happen to you and your spouse. A little forward thinking now can save a lot of anguish for the people you love in the future. Other things to consider when planning and updating your will are how you will help support your child(ren) after you are gone.
If you are fortunate enough to experience the joy of being a grandparent, don’t forget to update your will as soon as possible. With the help of your attorney, you can plan for things such as how your grandchildren will receive your assets should their parents die. Without planning for such things, these grandchildren could be completely left out.
Changes in the Law
Laws related to estate taxes have been changing since they were first introduced in 1797. In order to make sure that your family and loved ones are provided for in the best way possible, it is essential that you meet with your attorney regularly to stay abreast of these changes.
Tax laws are often complicated to understand and can change more rapidly than you might expect. This is where the pivotal relationship with your attorney comes in play: Attorney Beauvais can help advise you on the current changes and review and revise your will to get the most out of your estate.
The greatest gift you can give your loved ones is to make sure they are provided for after you are gone. The only way to ensure that your wishes for them are carried out is to have a will and to update it as regularly as you do your taxes.
