(414) 276-4366
Milwaukee, WI
Trusts & Estates, Elder Law, Tax and Closely Held Businesses | Attorneys Licensed in Wisconsin and Illinois
(414) 276-4366
Milwaukee, WI
Trusts & Estates, Elder Law, Tax and Closely Held Businesses | Attorneys Licensed in Wisconsin and Illinois
January 13, 2025 by Attorney Walter Brummund
Are you entering 2025 with a Will or Trust already in place? Congratulations! You are one of the elite 33% of Americans with an existing estate plan. Although you have already gone through the estate planning process once, it may be time to review your estate plan with an experienced estate planning attorney. Keep reading to see if 2025 is the time to review your estate plan.
Oftentimes, our clients believe that their estate plan is a “one and done” situation. Once they have written their Will or established their Trust, they feel that they are good for life. In reality, each professionally prepared estate plan is optimized to the laws of its day. If your estate plan is ten years old or more, many laws have changed during its lifetime. Now is probably a good time to review things to make sure that your planning adjusts to the current legal environment.
If you have taken the time to write your own estate planning documents, either by yourself or with an online tool, congratulations on accomplishing something on your own that few people achieve by themselves! Having said that, it is very easy to make a small mistake on a document such as a Will or Power of Attorney that has a big effect down the line. It is always advisable to have an experienced attorney look through your documents to give you the peace of mind that you have done things right.
If you have new additions to your family, it may be a good time to review your estate plan. Minors often cannot simply receive their inheritances outright, and appropriate trust provisions may be necessary to safeguard their interests.
There is a complex relationship between assets, income, inheritances, and disability benefits. If you are planning on providing for disabled relatives, or are becoming disabled yourself, steps may need to be taken to maintain eligibility for public benefits.
If you have gotten divorced, it is definitely time to review your estate plan! Although in some situations your divorce will automatically write your ex-spouse out of your documents, other planning documents may need to be redone to reflect your new reality.
If it is time to have your estate plan reviewed, give our team a call at 414-276-4366 or click here to fill out our “contact us” form. We offer a full review of your existing documents for a $495 flat fee, which is waived if we prepare new documents for you.