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SOURCE: Pozzulo Rodden, PC
This article discusses many provisions of when and how often to update Will and Trust documents dependant upon current tax laws and family circumstances.
(PRWEB) October 08, 2012
The Law Firm of Pozzuolo Rodden P.C., announces the release of the article "Estate Planning- Will/Trust Update When And How Often Should I Review And Update My Will And/Or Trust ". Below is a sample of the first couple of paragraphs. If you would like to read more, please read the full article and other corporate law, or estate planning topics at http://www.pozzuolo.com/Pubs_Newsletters.shtml
Will/Trust Update When And How Often Should I Review And Update My Will And/Or Trust
There is no one simple answer to this question and, in fact, prudent estate planning involves the consideration of a myriad of factors including, but not limited to, a material change in family circumstances and/or developing tax law. Thus, it is important to view estate planning documents as evolving throughout one’s lifetime rather than as stagnant documents which, once executed, are final and complete. In fact, more often than not, estate planning documents often undergo many changes before they find their final form.
Many provisions of Will and Trust documents are dependent upon current tax law and, because tax law is constantly changing, these documents should be reviewed every three (3) to five (5) years. Wills and Trusts should also be reviewed if there has been a material change in circumstances including, but not limited to: a change in the Testator/Settlor’s circumstances such as: the acquisition of more property or wealth; a significant change in income or ability to earn income; the addition or removal of beneficiaries; the addition or removal of charitable bequests; receipt of an inheritance; the purchase or acquisition of a business; the purchase or acquisition of real property; a change in real property ownership; re-location to another state of domicile; a change in marital status or a pending change in marital status (i.e. marriage, divorce or remarriage); the birth or adoption of a child; before a major medical operation or procedure; a change in the beneficiary(ies) circumstances such as: when a minor beneficiary attains the age of eighteen (18) or twenty-one (21); the marriage of a person named as a beneficiary; the birth of a child of a beneficiary (i.e. the birth of a grandchild); when there is a special needs beneficiary; the death of a person named as a beneficiary; a change in a Fiduciary(ies) circumstances such as: if an Executor or Trustee moves away; any major health issues of an Executor or Trustee; and/or, the death or incapacity of an Executor or Trustee.
If you would like to read more, please read the full article "Estate Planning- Will/Trust Update When And How Often Should I Review And Update My Will And/Or Trust" and other corporate law or estate planning topics at http://www.pozzuolo.com/Pubs_Newsletters.shtml
Pozzuolo Rodden, P.C. provides specialized cost-effective legal services to privately held business owners and high-net-worth clients in Pennsylvania and New Jersey in excess of 35 years.
Business planning and transaction, complex business litigation, commercial real estate and development, construction law and litigation, advanced estate planning and administration, tax and pension law, high profile and intricate family litigation, and employment law and litigation.
Pozzuolo Rodden, P.C.
Counselors at Law
2033 Walnut Street
Philadelphia, PA 19103
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