If you have made a will or trust—good for you! But, if it is outdated, it may cause a lot of headaches down the road. Here’s a quick way to assess potential updates needed.
Time for an Update?
Nearly one-third of Americans over 65 have not begun discussing end of life plans with anyone—including their families! So, if you have made an estate plan, that really is good news for all those you care about. Now, all you need to do is keep your plan updated. Periods of rapid change—like the one we are all in now—make it extra important to keep current.
Here are six questions Legalzoom suggests you work through to determine potential updates to your estate plan.
- Has your family or household changed? Marriage, divorce, children, stepchildren, grandchildren: do your plans reflect your family’s current realities—and your intentions?
- Who is named in your estate planning documents? You have likely assigned roles, like power of attorney and executor. Are those individuals still ready, willing and able to perform those duties? Similarly, don’t forget the beneficiary designations you have made on life insurance policies, pensions and retirement plans. Are they up to date?
- Have you moved to a new state? If so, documents, like your will or trust, are probably still valid—but experts recommend that you check into the probate laws and estate taxes in your new state. Accordingly, you may find you want to make some adjustments to your estate plans.
- Have your assets changed?
- Have you started a business? Even if it is a small one, you probably want to consider a succession path.
- Is your estate plan more than five years old? Then so are you! Chances are your needs—or those of your close relations and friends—have changed. Laws may have changed too.
Good To Know: Understanding Executor and Trustee Bonds
Although typically waived among family and friends as wills and trusts are set up, executor or trustee bonds can be a helpful way to instill confidence in the administration of your estate according to your intentions.
Executor and trustee bonds are types of fiduciary bonds—they guarantee the faithful performance of the executor or trustee, in accordance with applicable state laws.
It is easy to obtain an executor bond or a trustee bond from leading, national provider, Colonial Surety Company.
Uniquely, Colonial offers direct, digital, fiduciary bonds. Sometimes these bonds are also referred to as administrator, estate, personal representative or probate bonds, as well as executor and trustee bonds. Colonial provides all of these fiduciary bonds—instantly. Just get a quote online, fill out your information, and enter your payment method. Print or e-file the bond right from your home or office—or anywhere!
Estate Lawyers: don’t forget to sign up for Colonial’s free Attorney Partnership Account®. This complimentary business service provides attorneys with user-friendly client management dashboards to coordinate, view, complete and e-file the court and fiduciary bonds clients need. Start saving yourself time—and your clients money, right here: Partnership Account for Attorneys.
Founded in 1930, Colonial Surety Company is a direct seller and writer of surety bonds and insurance products. Colonial is rated “A Excellent” by A.M. Best Company, U.S. Treasury listed, and licensed for business across the USA.