Tag Archives: Will

Question of the Week, Including a Personal Story…. “How Frequently Should I Review My Will?”

Posted on January 27, 2012 by | Comments Off

Our question of the week, this week, comes from our field of dream clients again (that’s you guys), but is also part of our regular repertoire of questions we ask when meeting new clients. This weeks answer comes with a slight twist due to possible tax law changes.

From our question one can infer we recommend everyone have a Will. Even if your situation is relatively simple, a lack of Will directives can extend the process in time and increase financial costs.  As an example, my Uncle passed away about 13 years ago and was single with no children. Unfortunately his Will could not be found. While his estate was not complicated, the lack of organization and direct beneficiaries strung the settling of his estate process out to almost 2 years, and greatly increased the expenses.

We recommend a review of your Will at least every 5 years or earlier if your situation changes. By dusting off that Will and reviewing the major players (Executor, Trustee, Guardian, Power Of Attorney) you may find someone in the document you have lost contact with, or whom a better person may fit today. Take action and call your Attorney to have these folks updated, it is an easy process and well worth your time in the long run. 

Here is the Twist:

There are possible major Estate law changes on the horizon which we will constantly be notifying you of over the next several quarters. Given this fact dramatic estate planning changes may be ill-advised at this time. Please do not take this as a reason to procrastinate necessary updates, but there are significant tax laws sun setting at the end of this year. 

We are not attorneys or attempting to practice law so see your attorney for that, but do dust off that Will if it has not seen light in over 5 years, you might be surprised at what you find!

Next week, we have a CFA related event that brings Donald in town for a whirl wind tour and a meeting of self-professed expert forecasts for the year 2012 (we will bring you the commentary.)  Office upgrades continue as this week brings a new high-tech trading platform and a Tamarac system,  which we will explain soon.

Have a Super Day and A Great Weekend, and don’t worry Zigg is doing fine!

JK

214-706-4300

www.jkfinancialinc.com

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Posted in General Financial Planning, John Kvale, Personal

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Common Items That Can Render Your Will Ineffective

Posted on September 28, 2011 by | Comments Off

A Will is one of the most fundamental devices in Estate Planning and organization of funds, but many may accidentally stumble, rendering this tool ineffective.

One of the most important items to know when reviewing your, or any other Will, is not to write on it. While this sounds obvious, as it would be impossible for an outside party to determine when the marking occurred i.e. before or after death, it is sometimes second nature to want to scribble a note, or mark through a beneficiary, and initial your change. Do not do it, it will cause problems! Certain drafts of Wills do have areas for specific requests of personal items which most times clearly state it is ok to make an adjustment. If in doubt, do not mark on it, just to be safe.

Moving to a new state MAY render your current Will ineffective. State laws vary from region, and while certain areas of the US do seamlessly work in other states, there are instances where the language from one state to another is so different, your prior residence state laws may render your current Will ineffective. If in doubt, seek the advice of an Attorney for a definitive opinion on your specific situation. It is a good policy for anyone moving to a new state to have their Will updated, seamless language or not.

Accounts with beneficiary designations are not generally controlled by your Will, thereby rendering it ineffective for controlling these assets. IRA, Insurance and other similarly beneficiary designated assets are directed by the beneficiary on the specific account. A Will does not override the direction of these self-directed beneficiary assets, however, a Will may be the beneficiary of these assets, giving the Will power to direct. Be certain you understand your beneficiary recipients.

These are just a few items we often see confusion in when discussing Will and other Estate Planning items. We recommend you review your Will, Beneficiary, and Estate Planning items, every 3-5 years, or sooner as necessary as your specific situation may deem. Tax law changes may expedite the need to review your Estate Planning Documents as well.

We are not attorneys and suggest you consult your legal professional prior to making any changes to your current plans.

Have a Good Day!

JK

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Posted in General Financial Planning, Investing/Financial Planning

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