There are some obvious triggers that might prompt you to update your will, such as changes in health or marital status. There are, however, also some not-so-obvious ones to be aware of, according to financial planners and attorneys.
The first step in getting your affairs in order is to gather up all your important personal, financial and legal information, so you can arrange it in a format that will benefit you now and your loved ones later.
One reason for having a will is to make sure your wishes are carried out. If you die “intestate” (without a will), your assets will be distributed by state law, not by your desires.
Naomi Judd’s final will and testament reportedly has some obvious benefactors missing from its pages: the late country singer’s daughters Wynonna and Ashley Judd.
At the time of Boseman’s death, news came to light that he had married Taylor Simone Ledward a few months earlier and that he had no will.
Rolling Stones star Charlie Watts has left £30million of his fortune to his family, UK probate papers have shown.
Firearms are unique in this regard; guns are the only item of personal property that carry an inherent risk of legal peril, including potential criminal liability, so careful and deliberate planning is warranted.
It’s an important task that is easy to procrastinate. However, here is why you shouldn’t:
If a loved one asks you to be the executor of their estate, think carefully before you take on this responsibility. While you have the option of declining the request, the person reaching out likely considers you to be responsible and detail oriented. An executor of an estate typically helps file paperwork, close accounts and distribute the assets of the deceased.
Your estate planning is done, but is it? A periodic review is an important ongoing step to your planning.