August 2023

The MLO Minute: “The Future is Now” – Would George Allen Say It’s Time to Update Your Will? 

By Lesley Mehalick, J.D., LL.M., and Caitlin McAndrews, Esq. — 

One of the most successful coaches in the history of the National Football League was George Allen, who coached teams in Los Angeles and Washington to winning records in 12 consecutive seasons. He was so successful that he was able to negotiate exceptionally generous financial packages and authority over team finances. One owner later said that “George was given an unlimited budget and he exceeded it”. Allen also had a unique coaching philosophy for which he was well known — acquiring older veteran players for draft picks and eschewing the time it took to develop young players. His emphatic coaching motto was “The future is now”.

 

When is the future “now” in terms of updating your will and estate plan? Not every will needs to be immediately updated, but every estate plan must be periodically reviewed and updated when needed. Have you ever looked at the calendar (or a picture) and marveled at how much time has passed? With the passage of time, change is inevitable–children are born, loved ones pass away. People move, change jobs, get married, become divorced. Laws are changed, we discover a new passion, and new relationships with people or charities are developed. When change occurs, your estate plan must reflect those matters. The following circumstances are particularly important to consider.

 

Age of your will. Did you write your will many years ago? A lot has changed in the world of estate taxes, and the amount one can leave to heirs without paying federal estate tax has risen from $675,000 to almost $13 million for a single person, and nearly $26 million for a married couple. But this exemption is scheduled to revert to a figure between $5-7 million in 2026 and serious consideration must be given to navigate that change by careful advance planning where appropriate and necessary.

 

Relationships. A change in an individual’s or child’s marital or long-term relationship can be a key factor in changing beneficiaries and fiduciaries.

 

Children and minors. Are there new children, grandchildren, nieces, or nephews in the picture and do you want to provide for them in some new manner. Are children who were minors when your Will was drafted now adults?

 

Family and friends: Our connections with people can shift overtime, and we may want to increase or decrease the amounts left to certain individuals or remove them from your will or beneficiary designations.

 

Charities. Have you formed connections with charitable organizations that you wish to remember in your estate plan?

 

Our experienced estate planning attorneys can help guide you through the process of developing an effective estate plan which truly meets your current needs, hopes, dreams, and desires. We look forward to serving you and your family! Click here to Contact Us Today!