Ask Terry Questions Estate Planning

Estate Planning

By Terry Savage on January 29, 2024 | Financial Planning / Retirement

My husband and I have a 19 year old son. We have a will created when he was an infant. We own our home (with a mortgage), have life insurance policies, hold 401ks (and one rollover), own two vehicles (no loan on the vehicles, and debt under $10k. He is listed as secondary beneficiary for life insurance and 401k/rollover. Should we update our will, and what should we organize for unpaid debts (mortgage, debts)? Any other advice for estate planning?

Terry Says

Please watch this short video I made on the topic. You are long overdue for a new estate plan — a revocable living trust. There are resources at the end for finding an attorney.

As an aside, the mortgage would be a lien on your house, and repaid on sale. But if you title the house in the name of your RLT, then your son could continue to live there and pay the mortgage if he chooses.

Credit card debts are unsecured, and would die with you.

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