4. Will and Revocable Living Trust. A will is essential to name guardians if you have minor children and provide for how assets will be distributed. In the current environment, and perhaps for the future, relying on a “pour–over will” and revocable living trust rather than simply a will may be the better approach depending on your circumstances, death tax situation. and other factors. If you have an existing will, you should review your will to make certain it has the basic structure, provisions and people named that are generally consistent with the your current wishes. In addition, you should review the persons named as the executors/personal representatives to administer the will, and trustees to administer any trusts formed under the will, are people that you still feel confident in naming. If you identify a portion of your will that you want to change, it may be amended by and a document called a codicil. Also, if you identify a portion of your existing revocable living trust that you want to update or change it most likely may be amended as well.
Contact me for assistance with the preparation or review of these important documents.