Recently Kathy attended a planning meeting in her town to discuss an upcoming charity event. During the break one woman spoke about not having planned for her father’s death and how much it cost for the funeral and burial expenses. She said that children shouldn’t bear the brunt of their parents expenses when they pass away.
Kathy spoke up and said, “well, that’s why we have wills and having help with estate planning to be prepared for this kind of thing.” Another woman said, when I turned 30 both my husband and I had wills drawn up. I said, “good for you! You planned ahead.” Kathy indicated that it’s been 36 years since she first had the will drawn up, but wondered privately whether it had been changed since. She wasn’t able to ask her since the meeting got back to the business at hand.
Your will should be reviewed every five years to make sure it is up-to-date. Consult your advisors if you believe changes to your plans may be in order.