When was the last time you looked at your will? If you can’t remember, it is time for a review. Having outdated legal documents, such as a will or power of attorney, can wreak havoc on your health and your family’s wealth.
Indeed, people too often take a sign-it-and-forget-it approach with their important documents, financial advisers say. A recent Consumer Reports survey found that 86% of respondents who had wills or other estate documents hadn’t updated them within the past five years.
These documents ensure that your wishes are honored when you’re no longer able to act for yourself—either due to illness or death. Sure, most people would rather undergo the proverbial root canal than confront their mortality, but you neglect these documents at your peril.
Make your heirs happy: Update your will – Elizabeth O’Brien’s Retire Well – MarketWatch