DW and I established a Will and Trust many years ago when the boys were young.
Now they will both be 'of age' this year and we have other family related decisions to update.
So we have been thinking our Will & Trust need to be updated.
Guardians will not be needed, but Executor and Trustees need to be changed along with a review of our POA and Health Directives.
My question is, how many contingencies do you have in your Will & Trust?
We will use the typical, if I die first, DW is Executor and Trustee, and if she dies first then me.
But after that, things get more complicated. Years ago, my DF/DM were named as Executor and Trustees if both DW and I passed as my DF was really sharp with all things financial. But time has passed and well....time to reconsider.
Same on DW's side of the family - her parents are getting older and may not want to be named for roles (or can't).
So, what about a 3rd party such as an attorney or company that specializes in Trust management? Anyone have good experiences to share?
Now they will both be 'of age' this year and we have other family related decisions to update.
So we have been thinking our Will & Trust need to be updated.
Guardians will not be needed, but Executor and Trustees need to be changed along with a review of our POA and Health Directives.
My question is, how many contingencies do you have in your Will & Trust?
We will use the typical, if I die first, DW is Executor and Trustee, and if she dies first then me.
But after that, things get more complicated. Years ago, my DF/DM were named as Executor and Trustees if both DW and I passed as my DF was really sharp with all things financial. But time has passed and well....time to reconsider.
Same on DW's side of the family - her parents are getting older and may not want to be named for roles (or can't).
So, what about a 3rd party such as an attorney or company that specializes in Trust management? Anyone have good experiences to share?