A will written years ago may not fit with the current laws of your state if changes have been made.
Whether an estate plan is a good one depends on state laws that may be changed, so it is a good idea to take a fresh look at your plan, according to the Dunwoody Crier in “Estate Planning 2018.”
Estate planning is extremely sensitive to tax laws and regulations that frequently change. When an estate planning attorney helps a client create a plan, the attorney drafts a plan that is the best one possible to accomplish the client’s goals under the current laws. However, when the laws change, it often means that previous estate planning is no longer the best way to do things.
Sometimes, an older way of doing things can be penalized by current laws.
What that means for estate planning is that your will is a time sensitive document. When it was written, it was prepared under the assumption that you would pass away before the laws changed. If you signed it a couple of weeks ago, that’s not a problem.
An estate planning attorney can advise you on changes to the laws of your state that might negatively impact your will, especially if your will was written years ago.
Reference: Dunwoody Crier (March 27, 2018) “Estate Planning 2018.”
