Estate Planning Isn’t Just For The Elderly

Happy, smiling couple in their sixties.

What should you do with your completed will?

On Behalf of | May 2, 2023 | Estate Planning

Even if you put off writing you will for far too long, you are glad to finally have a legally binding document in your hands. Estate planning is not something you can do once and forever forget about, though. Indeed, it is important to ensure your will always reflects your true wishes.

While it can be tempting to stash your will and move on with your life, you should take certain steps after you finish drafting the document. Here are a couple of important ones.

Give your will to those who need it

When you finish preparing your will, you obviously know exactly what it says. Your beneficiaries, though, might not have any idea about your intentions.

According to reporting from CNBC, it is important to discuss your wishes with your close relatives, especially those who will receive your assets after your death. Giving a copy of your will to these individuals can accomplish this objective.

Your executor also should probably have a copy.

Schedule revisions and updates

Your wishes are likely to change several times during your lifetime. You also are likely to acquire new assets.

As a result, you must routinely read through your will and update it. Because these tasks can be easy to put off, you should consider setting a calendar reminder for revisions and updates. Having your revisions coincide with something that occurs every year, such as your birthday, might make sense.

Ultimately, even though you should be proud of yourself for finishing a will, you must pay close attention to the document for the rest of your life.