Why Your Estate Plan Needs “Spring Cleaning” Too!

estate planningDeath is not something that you take pleasure in thinking about and we often only associate estate planning with death. However, if you have accumulated money, property, and assets over your lifetime, you want to ensure that you pass them down to the people you have chosen. A will is the primary instrument for doing so. Without a legal and valid will, a probate judge will decide how to divide and distribute your estate. Menomonee Falls WI estate planning lawyers can help you put together a will that reflects who you want to get what after you have passed. [JH1]

You should update your will at least every 5-7 years to reflect changes in your material fortune and intentions and to ensure there is little to dispute. Spring is one of the best times to carry out such modifications. If you have spent your life building up a company and you have made critical decisions about who is to run it after you have passed, then you will need to put language to that effect into your estate plan as well.

You should also look at the life circumstances of the people you previously decided to leave money. Making judgements about those who are closest to you can be difficult. However, if you have decided that a member of your family is not living the kind of life that is healthy and productive and you fear that more money will only exacerbate this unfortunate condition, then you can change the amount they are to receive. Alternatively, you can set up a trust that allows trustees to manage the money for them.

A living will gives someone that you trust the power to make crucial decisions about your healthcare should you become unable to make them yourself. If your relations with that person are not what they once were, then you may want to choose someone else.

McLario Helm Bertling & Spiegel are Menomonee Falls WI estate planning lawyers who can help you update your will. If you need to do so, you should call McLario Helm Bertling & Spiegel today.

 

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