Springfield Business Journal Articles


Do You Need to Update Your Estate Plan?

      Below you will find a number of statements.  A positive answer to any of them may indicate a need to review your estate plan.

    Specific Bequests:  I would like to make specific bequests to individuals not presently included in my plans -- or delete bequests to person(s) currently named.

    I would like to change the amounts of some of the bequests I have made.

    Changes in Valuation:  The value of my estate has changed more than 20 percent since I executed my will.

    Special Provisions for Children:  My health (or my spouse's or children's health) has deteriorated substantially since I executed my will.

    Newly Born or Adopted Children:  A child (grandchild) has been born (or adopted) since I executed my will.

    Disabled on Incompetent Children:  A child (grandchild or other dependent) has become disabled or seriously injured since I executed my will.

    Status of Family Marriages:  A member of the family has become divorced or separated since I executed my will.

    Cancellation of Loans to Children and Equalization of Inheritance:  I would like to discharge an obligation owed to me by canceling the loan in my will.

    I would like to provide a clause to equalize any gifts made in the past (or to be made in the future) to certain children (grandchildren).

    Life Insurance:  I have added (or dropped) life insurance since I executed my will.

    I have changed (or would like to) a beneficiary designation on an existing policy.

    I feel I may need more life insurance, but I don't know how much to purchase or what type to consider.

    Gifts to Minors:  I would like to make substantial gifts to minor children (grandchildren).

    Gifts to Charities:  I would like to add (delete) one or more beneficiaries.

    I would like to change the amount of my bequest to certain charities.

    Business Interests:  I have entered into a stock (partnership) buy-sell agreement since I executed my will.

    My business situation has changed significantly since I executed my will.

    I have changed my mind regarding who should take over my business in the event of my death or disability.

    Guardian, Executors and Trustees:  I would like to name a particular person as advisor to my executor and trustees.

    I would like to reconsider the designation of the guardians, executors, and trustees I have named.

    I would like to know how the latest tax law affects my estate plan.

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