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.