Morris & Morris, A Law Corporation - Estate Planning

January 2020 Archives

What should you do with an old will?

You wrote a will 15 years ago or so, and it addressed your needs at the time. Those needs have changed a lot in the last decade and a half. You have more assets. With the birth of grandchildren, you have more potential beneficiaries. Some of the things in your older will may not even apply, such as leaving specific assets to people you know no longer want or need them.

Remember that a beneficiary takes precedence over a will

Many people use life insurance policies as a big part of the assets they plan to pass on to their children. Even if they do not have significant assets saved up, they know that a large policy is guaranteed to give their children a financial boost when they pass away. They may spend years or even decades paying into it.

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