Are financial documents up to date?

Submitted on Wednesday July 16th, 2014
hospice

If your loved one has created a will or living trust, you can breathe a big sigh of relief. These documents clarify who will get what after your relative passes away. 

But life is always changing. Periodically you should review the following: 

Who is in charge of distributing the assets? In a living trust, this might be called the "trustee." In a will, it is the "executor." Is the person named still the most appropriate person for the job? 

What if the trustee or executor has become unable to fulfill the distribution duties? He or she might have moved or might be ill. It's wise to be sure that an alternate is named to address that possibility. 

Are all the current assets included? For instance, has Mom sold the house and downsized her living arrangements since Dad passed away? Have there been any new purchases or sales of inheritable property? Whose name is on the title or deed(s)? 

Are all the accounts listed? From bank accounts to investment plans, it's wise to have them all noted in one central place.

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