Two weeks ago, I wrote about updating your will for your own benefit. Today, I want to talk about updating your will for the benefit of others.
Last month, Elizabeth O’Brien wrote this article on MarketWatch. She mentions a vast number of reasons why it can be disastrous to your family if you don’t keep things up-to-date, such as:
- Stepchildren being disinherited
- Former spouses inheriting instead of children
- Spouses of your children inheriting instead of grandchildren
- Beneficiaries who are spendthrifts or have addiction problems inheriting outright instead of through a trust
You owe it to yourself to keep your documents updated. You also owe it to your family.