Despite the pain, effort, and cost inherent in drafting and executing your estate plan, it should never be viewed as a finished product. An estate plan is merely a work in progress until the death of its creator. In any life, inevitably, circumstances will be altered over time, making changes to the estate plan necessary.
An estate plan should be reviewed upon the occurrence of any of these events:
- Changes in your family due to health issues, death, birth, divorce, adoption, change in state residency and even minors attaining adulthood.
- Changes in the personal circumstances of those to whom you wish to leave bequests.
- Changes in charitable organizations you mention in your plans.
- The expansion, contraction, or change in the nature of your estate and assets.
- Changes in the ability of your nominated personal representative and/or trustee to handle the responsibilities of those positions.
- Changes in death tax laws, both state and federal, which will affect your estate.
Any of these events may give rise to the need to review your estate plan. However, only you can make changes. If you become incapacitated, your attorney cannot alter your estate plan regardless of how important the change may be.
Your estate planning documents should include:
- Power of Attorney
- Healthcare Proxy (if applicable)
- Beneficiary designation forms for retirement Accounts or IRAs
- Life insurance policies and the beneficiaries of same
Hilliard Lyons Trust Company, LLC
500 W. Jefferson St. | Suite 700
Louisville, KY 40202
502.588.8400 | 888.878.7845
312 Walnut St. | Suite 3120
Cincinnati, OH 45202
513.345.5251 | 800.884.1750
110 Main St.
Evansville, IN 47708
812.428.5147 | 888.426.1481
For additional information:
Will Hobson 502.588.8655 | [email protected]
Chris Staples 502.588.1765 | [email protected]
Jim Turner 502.588.1218 | [email protected]
Jeff Uhling 502.588.8466 | [email protected]
J.J.B. Hilliard, W.L. Lyons, LLC (Hilliard Lyons) and Hilliard Lyons Trust Company, LLC are affiliated companies. Neither Hilliard Lyons nor Hilliard Lyons Trust Company provide individualized tax, accounting or legal advice. This piece is intended for general educational purposes. Please consult your accountant or attorney for personal tax, accounting or legal advice.
© 2018 J.J.B. Hilliard, W.L. Lyons, LLC.