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News from the Law Office of Lorie L. Burch! 

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In This Issue
Client Reminders
When to Update Your Will
Quick Links
 
 
Client Reminders
 
Have you completed  your Will Memorandum?
 
Have you filled out your Medical ID card?
 
Have you coordinated your beneficiaries of life insurance and retirement plans with your Will?
 
Contact Information:
 
Lorie Burch
Essential Planning in a Tough Economy
 
Death, hospitalization, and accidents do not wait for the economy to get better.  This may be a good time for families to put off buying a new washer and dryer or upgrading their kitchen counters, but this is not the time to put off drafting a Will and other essential documents.  For most families, the cost of an attorney to prepare all of their estate planning documents amounts to approximately two car payments.  Considering most people do not need to update their Wills more than once or twice in their lifetimes, the value of creating a complete and comprehensive plan through a professional greatly justifies the cost.  For clients of our firm, please review the article below to determine if it's time for an estate planning checkup.
Checklist of Some Changes Requiring Review of Will
 
If any of the following events occur, you should review the potential effect on your estate planning to determine whether your will should be amended by codicil or revised in its entirety.  (This is not an all-inclusive list.)
 
Changes in Family Relations
  • Dissolution of a marriage (divorce) or separation;
  • Death of spouse;
  • Marriage of a single person;
  • Changes regarding child, grandchild or other beneficiary:
  • Birth of a child;
  • Death of a child;
  • Marriage of a child;
  • Marriage dissolution of a child;
  • Adoption of a child;
  • Illness of a child;
  • Economic change (good fortune or bad fortune);
  • Financial irresponsibility.
 Changes in Economic & Personal Circumstances
  • Asset values (increase or decrease);
  • Change in insurability (life insurance);
  • Change in employment;
  • Change in business interests (e.g., new partnerships, new corporations);
  • Property acquired in a different state;
  • Change in health of spouse;
  • Retirement from business or profession.
 External Changes 
  • Changes in laws (state and federal income, estate and gift tax, trusts, probate);
  • Change in residence to different state;
  • Death of executor, trustee or guardian;
  • Additional document (HIPAA Release Authority) now recommended as a companion to your medical documents.
 Contact Lorie today to review your planning! 
 
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