Is Your Will Up To Date?

A lot of people spend a great deal of time, energy and money to have their legal documents ready, only to stash them away once they have signed them. A will  usually has a similar fate. This is, obviously, due to the fact that it is hard to envision one’s passing away – and this reason is which makes the whole process grueling enough.

However, the importance of these documents cannot be undermined by personal feelings, and it is necessary to keep a will up-to-date. It is true that situations and circumstances continuously change. Your will should also change accordingly to match these changes.

Here are the things you need to consider when amending your will.

Have You Created Your Will?

If not, you should. A will (also known as a testament) is a legally binding declaration in which the individual, or testator, designates one or more persons or organizations to handle his or her estate and outlines guidelines for the distribution of his or her property in the event of their death. Legal jargon aside, it specifies who will receive the testator’s money and property when they die.

Advantages and Disadvantages of a Revocable Living Trust

Similar to a last will and testament, a revocable living trust (inter vivos) is a legally binding document that’s used to distribute property and assets to the grantor’s beneficiaries when certain conditions are met. For instance, a parent may choose to give his or her children their home when they pass. Rather than placing this decision in the hands of the probate court – which may or may not transfer the property to the children – the parent can create a revocable living trust, indicating exactly who gets what and when.

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