In The News04.03.2023

Keeping Current with Estate Planning

The Business Journals: Bizwomen

As part of an ongoing "Mentoring through Challenging Times" column for The Business Journal's Bizwomen, reporter Ellen Sherberg cites advice from Pullman & Comley Trusts and Estates Attorney Lauren Davies for a piece on the importance of keeping your estate plan up to date to reflect your current circumstances.

Some of the points Lauren covers include:

  • Having an estate plan means that your wishes will be realized and it will be easier for your surviving family.
  • Your estate plan must be updated periodically to ensure it accurately reflects your wishes and is compliant with state law.
  • Many assets are often transferred by their beneficiary designations, for example, a life insurance policy, 401k or brokerage account, so it is imperative to review how your assets are held and your beneficiary designations.
  • After a divorce, review your estate plan as it is unlikely that your wishes have remained the same. Further, a married couple’s estate plan and many title and beneficiary designations are not automatically invalid following divorce.
  • As children reach adulthood, marry or divorce,  your estate plan should be adjusted accordingly. There are a wide range of options to consider regarding assets left to children and what is best suited to a family often changes over time.

To read the full article, visit the Bizwomen website.


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