This is the final part in this tutorial on how to make the trust and living will. Similar to any other crucial document, you should put the will away in a secure location. It can be kept in a bank, a trusted attorney’s office, a secure safe, or even a secure deposit box.
Documents like titles, passwordsand intellectual properties and even life insurance policies must be included with the will. This will allow your will executor to find the important documents you have during your absence. Make sure that someone you are familiar with like your successor know the location of your documents as well as who can access them.
Your Will Must Be Up-To-Date
The will should be updated anytime you encounter a life-altering event such as being married, having children, purchasing an asset, ending a divorce and a sale of a new boat, moving to a new state, or death of someone involved.
A lot of people delay estate planning until it becomes too late. Many believe that living wills or trust are reserved for wealthy or have too many complications. Many people do not want to have any conversation or thoughts about their death. But, as seen in this tutorial on how to create a living will and trust, estate planning isn’t only reserved for those who are wealthy. There’s no need to be solely about death. You have the ability to control your wealth while living, as well as after you die with a living trust.