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Basic Will

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  • Avatar thriftyyoungdoc 
    Participant
    Status: Resident
    Posts: 5
    Joined: 06/17/2017

    Also, just having parents as beneficiaries is very risky IMO, I’d name a backup – perhaps a close friend, relative, charity etc.

    Click to expand…

    100% agree with including backup beneficiaries in the will.

    #55660 Reply
    Faithful Steward Faithful Steward 
    Participant
    Status: Financial Advisor, Small Business Owner
    Posts: 354
    Joined: 06/12/2017

    I hope that, in the course of updating your will, you are also planning on creating (or updating) your other critical estate planning documents:

    • Financial Powers of Attorney
    • Healthcare Powers of Attorney
    • Living Will

    Updating the powers of attorney would be very high on my list of recommended actions. Some key points to keep in mind when reviewing/updating your financial powers of attorney:

    • Gifting. Are you authorizing gifting? In what amounts? Can your agent (if a family member) also receive a gift?
    • Beneficiaries. Does your agent have authority to add and/or change beneficiaries on life insurance, IRAs, retirement plans, annuities, etc.?

    For healthcare powers of attorney, if they are 14 years old, like your will, they likely need updated to comply with HIPAA laws.

    Michael Peterson, CFP® | Faithful Steward Wealth Advisors
    http://www.fswealthadvisors.com | (717) 496-0900

    #55690 Reply
    EJ at Dads, Dollars, and Debts EJ at Dads, Dollars, and Debts 
    Participant
    Status: Physician
    Posts: 222
    Joined: 12/01/2016

    I did a living trust on legal zoom and published a post about it on my site. I was happy with it and they do provide 1:1 service with a lawyer if needed (over the phone or email). We were not that complicated. I have a home, business, life insurance policies, retirement accounts, and our kid. So if you are more complicated it may not work for you.

    - EJ @ DadsDollarsDebts.com

    Dad and Cardiologist. Trying to help dads with personal finance so they can focus on the family. Blogger at DadsDollarsDebts.com

    #55772 Reply

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