Wills

Q: What is a will?

A: Black's Law Dictionary: "A will is the legal expression or declaration of a person's mind or wishes as to the disposition of his property, to be performed or to take effect after his/her death."

Q: How often should you review your will or trust?

A: At least once a year is a good rule of thumb.

Q: What if I receive an inheritance suddenly?

A: If your worth increases dramatically, such as through an inheritance or other windfall event that alters your estate tax considerations, it's time to review your will or trust. Your goal would be to maximize potential tax savings.

Q: I am considering remarriage. What effect will this have upon my will?

A: It would be advisable to update your will and/or trust to consider adding your new spouse to your estate plan. Or, you may want to execute a prenuptial agreement.

Q: What are some of the reasons for revising a will or trust?

A: There are many reasons. Some of the most common reasons are: your marital status changes, a beneficiary or trustee dies, you no longer have some of the property you had named in your will or trust, your assets have changed in value, you change your mind about when an heir should inherit; or a beneficiary or fiduciary may be in different circumstances than when the will or trust was established.

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