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Make Your Heirs Happy: Update Your Will

Thursday, May 9, 2013 - 11:14 AM
From MarketWatch:
When was the last time you looked at your will? If you can’t remember, it is time for a review. Having outdated legal documents, such as a will or power of attorney, can wreak havoc on your health and your family’s wealth.

Indeed, people too often take a sign-it-and-forget-it approach with their important documents, financial advisers say. A recent Consumer Reports survey found that 86% of respondents who had wills or other estate documents hadn’t updated them within the past five years.

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The article's tagline is to the point:  outdated estate plan paperwork can be a wealth-killer.   It is important to keep wills, trust, health care directives and financial power of attorney documents up to date. 
pearlbrownpearlbrown1,473 posts since
Nov 2, 2010
Rep Points: 6,404
1. Thursday, May 9, 2013 - 3:10 PM
Pearl:  Good information but I would like to add something else that may need updating.  How we have titled our CDs years ago and now realize they need changing for more than one reason.  I will be spending a good bit of the rest of this month with my DP going to all the banks we have CDs at and changing how they are titled.  I was told there is no penalty for deleting a certain name off of the CD as long as the person whose name is being deleted signs a form agreeing to this.  Most said they will close the CD and reopen it at the same rate and terms with what is left of the term.  If I have a 5 year CD which has 3 years left on it, they will open it up for a 3 year CD at same interest rate and terms.  The new person to be added to the title does not have to even be present from what I have been told. 

If one does this, they may also want to check their Will to make sure it does not need changing. 

Long term CDs should not be a buy and forget about them until maturity product.
paoli2paoli21,401 posts since
Aug 10, 2011
Rep Points: 6,135