How to Update Your Estate Planning Documents From Kansas City Lawyer Mindy Ward

Kansas City lawyer Mindy Ward of Van Osdol & Magruder shared the following advice for those who may be considering some changes or updates to their current estate planning in 2012. Mindy Ward has extensive knowledge in the fields of estate and business planning and has been an important part of our team since 2003. Read her full bio here: http://www.vomer.com/attorneys/melinda-ward/   Keeping Everything Up To Date In Kansas City Most people put a lot of thought into creating an extensive estate plan to save their family from the complexities that can accompany death or incapacity. However, many assume that once their plan has been executed, that’s it. They file the documents away safely and forget about them. While most attorneys attempt to draft a plan that is built to last, those documents that were proper a few years ago may no longer be appropriate today. It is important to review your estate planning documents at least every three to five years to make sure that they accurately reflect your current wishes. An estate plan should be reviewed more frequently when changes in the law or life circumstances dictate. Some common situations when you should dust off that Will or trust include 1) major life changes, such as birth, illness or death or divorce or disability for you, a beneficiary or fiduciary; 2) change in financial status (receipt of inheritance can change things or decline in your estate value may dictate a simpler plan); 3) change in assets (are the assets titled properly or do they affect the overall distribution of your estate, especially true with business interests?); 4) change in residence (estate planning is governed by state laws and can need revising if you move to another state or, in Kansas, maybe even across the street); and 5) changes in existing tax laws (lots of changes have occurred over the last three years in this area and there will be more changes in the next few years). As part of this review process, it is important to revisit the naming of beneficiaries on life insurance and retirement accounts as well. At the same time, it is always good to examine titling of assets if you have a revocable trust to determine if assets are properly titled in trust name. Estate planning is a lifelong, dynamic process. It is important to review your plan as your life, the lives of your beneficiaries and fiduciaries and the laws change. If it has been a while since you reviewed your documents, take some time to do this. You can always contact us to visit with you and review your overall plan to ensure that your assets, your spouse and your children are best protected.