When Should You Review and Update Your Will, etc? There are just some things people don’t want to think about. And, for most, if there isn’t any immediate, painful penalty for doing nothing, doing nothing works pretty well! Until it doesn’t. It is well documented that preparing a will, trust, and other estate documents is not an impulsive act. Chances are, you will think about it for quite a while before you finally do something. Some of that is the daunting thought of having to gather information (and being embarrassed that you don’t know where things are), some is the (usually incorrect) assumption that it is going to cost lots of money. But the major impediment for most is the simple fact that they don’t want to think about that “time” coming. If you are in that “camp,” I have two things to say to you… First, the process is really fairly painless, we’ll make sure you know all the costs before we do anything, and getting it done will let you relax and not worry about it anymore. No one wants to think about dying but, unfortunately, it happens. And, frankly, you don’t know when. I have had two high school classmates pass away in the last 10 days, each 50 years old, each much too young. I have lost family members both expected and completely unexpected. Fair or unfair, that’s the way life works. But there are people that are going to still be here and they are going to be left to take care of things. In the end, preparing your estate documents isn’t really about you and thinking about dying. It is about them and their lives after you are gone. Second, regardless of whether you have a will, etc., or you have never thought of it or just put it off, there are some “triggers” that, when they happen, you need to review what you have. And they typically revolve around major life events. They include: o Marriage o Divorce o Having children (including adoption) o When a child turns 18 – 21 o If you inherit money or property from someone else o Moving to another state o A significant job change, especially in terms of income o Any major increase in your income (like winning the lottery) In addition, I tell clients to pull their plan out every 5 years or so and take a look even if they haven’t had any of these major events. A few hundred dollars and little bit of time with a professional now can have a HUGE impact on you and your loved ones later. Call the Faulconer Law Firm at 317-842-7229 to schedule an appointment.
Posted on: Fri, 07 Jun 2013 15:30:17 +0000
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