Last week we talked about the legal issues that you have to think about when writing your spiritual ethical will. This week we are going to talk about the revision process. When drafting your spiritual ethical will you want to keep in mind that it will not be a finalized document until you pass away. Until that point in time it will be a work in progress that is revised or updated when you experience life and asset changes.
General revisions need to be scheduled about every five years. When conducting a general revision of your spiritual ethical will you need to verify that the information contained in your will is still accurate. Most likely you will only need to update the assets that you are bequeathing to your beneficiaries. After making your general revisions make sure you date the revised document with a statement such as “This is the latest version of my will as of [date].”
If you experience a major life change, like a birth, death, marriage or divorce, then you will need to conduct a major revision. In a major revision you will need to add sections, delete sections and make revisions to the distribution of your estate. In some cases it is easier to just start from scratch. Like in a general revision, major revisions will need a dating statement that will help you keep track of which draft of your spiritual ethical will is the most current version.
Spiritual and ethical wills are works in progress. You will need to revise your ethical wills about every five years or when your life is impacted by a major event. Your spiritual ethical will is your last words to your loved ones so invest the time needed to make it a great tribute to your life and your loves. Joins us next week to discuss providing for children under 18 in your spiritual ethical will.
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This will be useful in the next site that I am building. Many of my readers have Forex accounts where a will would be of interest to them.