FAQs for empty nesters
1. when is a good time to update our wills?
I generally recommend reading over your Wills every three to five years, simply to see if they still reflect your wishes. There are also certain life events that may prompt you to review your Wills. For example, when your children are no longer minors, if there’s been a death in the family, if there’s been a birth in the family, and if you get married, divorced or separated.
2. i want to leave something for my grandchildren. How do we do that?
Absolutely! We can set up a testamentary trust for your grandchildren in your Will.
3. what happens after i’m gone?
When a person passes away, the process of Estate Administration begins. For those with a Will, an Estate Administration includes fulfilling the wishes set out in the Will. For those who don’t have a Will, Estate Administration involves following the statutory scheme for inheritance. Either way, it generally involves four steps:
Step 1: Initial and Basic Matters
Step 2: Inventory and Custody of Assets
Step 3: Payment of Debts
Step 4: Distribution to Beneficiaries