Wednesday, July 24, 2013

Wills and Living Trusts Update Done

Earlier this year, we decided it was time to update our wills and trusts, since it had been over 13 years since we wrote them.  This month we completed the update.

The process was much easier to do this time for a couple reasons.  First, we were already familiar with the elements and knew the changes we wanted.  Second, we were able did all the discussion and revisions over e-mail, so no travel time was involved.

As it turns out, the main change was updating our successor trustees, successor executors and success attorneys in fact.  However, that required changing almost every document that we had previously written.  In addition, the content of some of the documents (e.g. health care power of attorney, living will, etc.) have changed slightly in content.

In the future, we will review every 5-10 years or when a life changing event (new beneficiaries, death of successors, or major financial change) happens.

For more on The Practice of Personal Finance, check back every Wednesday for a new segment.

This is not financial advice. Please consult a professional advisor.

Copyright © 2013 Achievement Catalyst, LLC

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