Tuesday, November 30, 2010

Time to Update

As summer ends and winter begins, I am reminded that time passes quickly. The beginning of the school year and the cooler temperatures are reminders of changing times and of new things to come. It is also a stark reminder that some things on the “to-do list” need to be done. For instance, not only do my wife and I have a child going into second grade, but we were also blessed with our third child. This means that I need to update my will. It is important to keep your important documents such as life insurance, powers of attorney (including medical), wills and trusts, and other estate planning documents up to date and relevant.

In my situation, I should make sure that my new child is provided for just as I wish her to be rather than allow the state to decide for me. Moreover, I should consider what changes have occurred since the time my current will was drafted. Much happens over eight years, and there may be some provisions to modify.

During this season of change, it is advisable to think about your life planning documents. Whether it be a change to your 401k or retirement account or an update of your last will, a competent professional can properly advise on the measures that can be taken to achieve the desired goal.

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