Q: I have a good will, however, since making it I purchased a rental house. Should I do a addendum, to cover all problems?
A:
Hi, thank you for your question. How old is the will? Your estate plan should be reviewed with an estate planning lawyer at least every few years because changes to your personal and financial circumstances could render your existing documents less effective or even obsolete. In your case, the purchase of a rental house has likely increased the overall size of your estate, which may raise tax concerns. Additionally, there are liability issues associated with ownership of rental properties. Therefore, it might make sense to set up an LLC or other structure to own the rental house.
Again, I highly suggest that you review your estate plan with an estate planning lawyer. After looking over your current documents and discussing things with you, an estate planning lawyer could tell you what changes, if any, are needed.
You can call my office at (405) 928-4075 to schedule a free, no obligation consultation.
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