Is Your Will or Trust Up to Date

Here's Why You Have To Update Your Will or Trust

 Is Your Will or Trust Up to Date

When was the last time you or your attorney reviewed or updated your will or trust? If it was some time ago before the passage of substantial tax law changes over the past few years, your documents may be out of date. Among the many changes was a substantial revision to the estate tax exclusion.

No doubt your will or trust was prepared with not just estate taxes in mind but so that your assets will be distributed after your death according to your wishes. However, certain events besides the tax laws being revised can cause these documents to become outdated.

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Life’s ever-changing circumstances make estate planning an ongoing process. If you don’t keep your will or trust up to date, your money and assets could end up in the wrong hands. That’s why a periodic review of your will or trust is an essential part of estate planning.


Here is a partial list of occurrences that could cause your will or trust to be outdated


See this related post from Business: Updating the IRS with Contact Information and Responsible Party
Calling it a key security issue, the IRS is urging those entities with EINs to update their applications if there has been a change in the responsible party or contact information. It is critical that the IRS have accurate information in cases of identity theft or other fraud issues related to EINs or business accounts.

Are your named beneficiaries up to date on your life insurance policies, IRA accounts, and pension plans? For example, did you forget to remove your ex-spouse or a deceased relative as your beneficiary?

You should never overlook or put off these issues because once you pass on, it will be too late to make changes.

If you have questions about how your changed circumstances may impact your estate taxes, please give this office a call at 551-249-1040

Do you have some questions? Dennis Harabin at Relax Tax can answer them!


Recommended Readings: 

  • How to Amend Taxes that Are Already Filed
  • Relocating? Tax & Non-Tax Things to Consider
  • Do You Have to Pay Taxes on Inherited Property
  • Navigating People’s life through Finance
  • Tax Credits You Might be Missing


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