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Plan for the Future Tip #1

April 20th, 2007 at 02:12 pm

Everybody knows that you should have a will and name beneficiaries for your insurance policy. I know that, sure. I had a will made at least 20 years ago naming my mother as my heir. At some point in our lives, mom thought each of us kids should have a simple will and we signed them. Don't you know that two years ago when she died, that was still the only will I had? It took me a year and a half to get around to doing a new will. Well, now it's another half year since, and today I signed a new beneficiary designation for my Roth account. Folks, don't wait and assume you'll outlive your old estate plan documents. Review them as life changes happen and make sure your wishes will be carried out when you die.

5 Responses to “Plan for the Future Tip #1”

  1. Amber Says:

    I agree we shoudl stay on top of things especially with wills

  2. nance Says:

    If you don't have one because you think you can't afford to pay a lawyer hundreds, try uslegalforms.com. I did my will for around $35.00, and had it notarized. The will forms are state specific. Better than not having one at all, for sure.

  3. Aleta Says:

    Thanks Nance

  4. yummy64 Says:

    But when naming beneficiaries

    NEVER NAME UNDERAGE CHILDREN UNLESS YOU NAME A TRUSTEE WHO WILL LOOK AFTER THE MONEY

    Cause if you do, it could be years before the kids get the money. I've seen a number of cases where the kids don't get any money for years.

    The only people with more red tape than insurance companies are the courts...get them together and you have a red tape nightmare...

  5. yummy64 Says:

    But when naming beneficiaries

    NEVER NAME UNDERAGE CHILDREN UNLESS YOU NAME A TRUSTEE WHO WILL LOOK AFTER THE MONEY

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