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A Reason To Update You Will

Here is one reason to update your estate planning documents. Parents often forget to update their wills once their children are no longer minors. Therefore, a typical will may state that if neither parent survives, the money goes outright to the kids at age 21. However, once the kids become young adults, your wealth may have increased. Consequently, you may choose to increase the age at which full inheritance can occur.  Hence, a typical change may feature graduated payouts of a third of the inheritance at age 25, a third at 30 and the remainder at 35.

The thinking behind a graduated payout system, if the young adult goes on a wild spending spree with the first distribution, they have two more chances to get it right.

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