Wills, Trusts & Estates
Law Office of Steven M Berger, LLC

Do you need to update your will?

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This quiz is a guide for your information and does not constitute legal advice.

 

You might need to update your will if:

  • The person you named as executors, power of attorney agent, and healthcare agent are no longer willing or able to act on your behalf.

    You should make sure the people you’ve named to act on your behalf are up to date, in the case they need to take over your finances or make medical decisions.

  • The named beneficiaries in your will are no longer who you want to inherit your assets after you pass.

    You should make sure the people or charities you’ve named are current with your wishes.

  • The named beneficiaries on your financial accounts are no longer who you want to inherit your assets after you pass.

    Retirement accounts, annuities, life insurance policies, transfer on death accounts and payable on death accounts all pass outside the scope of your will. Make sure they are up to date. Click here for more information on how to update all of your accounts.

  • The persons you named as guardians and trustees for minor children are no longer willing and able to act in that role.

    If you have minor children, you should make sure who you’ve named as guardians and trustees are up to date and current with your wishes.

  • You have special assets such as a business, illiquid investment, restricted firearms and/or cryptocurrency.

    Make sure any special assets are accounted for with a plan in your estate planning documents.

  • You are concerned that any of your children might get a divorce

    If your will gives your assets to your children outright and you are now concerned they might get a divorce, you could consider establishing a revocable living trust to protect your children's inheritance from a possible divorce.

  • You are concerned about the tax impact if your children inherit an IRA that must be liquidated in 10 years or less after your passing.

    You could consider strategies to lessen the tax impact of inheriting an IRA.

  • You expect your assets to be worth $5 million or more at the time of your death (including real estate, retirement, life insurance, savings etc.)

    With $5 million or more of assets, you should consider establishing a revocable living trust.