It’s also important to periodically check up on the plans you’ve set in place. As another year comes to a close, take a moment to look over your various legal and financial documents to make sure you still agree with what’s in writing, and update as necessary.
A will is the primary means of ensuring your last wishes are followed upon your passing, and it can determine not only what happens to your assets or how property is distributed, but it can also outline what happens to your children, pets—even your debts. Here are some questions that can help you make sure your will is up-to-date:
- Do you still wish to have your estate distributed as you had previously decided in your last will?
- Do you want to keep the same executor? Trustees? Beneficiaries? Perhaps there’s a new charity or religious group with which you’ve become involved—do you want to include them in your will?
- Has the worth of your assets changed? It might make sense to take another look at your property and other assets, especially as we emerge from a recessionary economic climate.
- If you had designated a process for minor children, are those children still considered minors? Are you happy with the arrangement you previously or initially determined?
- If you assigned someone your power of attorney, do you still want this person to have it?
- If you have a living will, do your wishes for emergency health care decisions still stand?
- Does it make sense to look into a living trust in an effort to avoid probate?
Think about other recent changes in your life and how they might affect your estate planning.
And one last note: Be sure to tell someone about the plans you have in place and where your documents are located. Estate planning can often be a collaborative affair and you’ll want to make sure your loved ones know where you store these very important legal documents.
Protect Your Loved Ones – Make A Will Today. It is very important that you have a valid will at all times.
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