February 2014 Archives

Emotional predicaments may arise when baby boomers inherit

A generation that was significantly influenced by the Great Depression is currently enjoying record-breaking lifespans. However, all of us must pass on at some point. According to the New York Times, our nation’s oldest and thriftiest generations are set to gift their baby boomer heirs a total of $8.4 trillion in income and assets by roughly 2030. The ways in which each of these generations has approached money and property is likely to affect issues of estate administration and inheritance as these gifts are received.

Is it easier to revise or simply draft a whole new will?

We have noted in recent blogs that many estate planning documents are meant to be living documents. In this sense, your will, your power of attorney and any documents requiring that a beneficiary must be named should be updated in the event that a major shift in your life occurs. For example, if the person you designated as your primary beneficiary on your life insurance policy passes away, you will need to update this information. Few estate planning documents are executed and then never touched again.

Avoiding a key estate planning misstep

We mentioned in a post last week that many estate planning documents are meant to be treated as living documents. Practically, this means that these documents are not meant to be drafted and then filed away until the affected person passes on or is incapacitated. Instead, these documents are meant to be revised as often as necessary. When individuals wed, divorce, suffer losses in their families and go through other major life events, many estate planning documents must be updated in order to accurately reflect the affected individual’s current wishes.

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