Updating Your Green Box: a Checklist

Updating Your Green Box: a Checklist

No matter who you are, eventually, everything you have built, the sum of your life’s work, will fall into the care of other people. That should be plenty of incentive to leave behind very good instructions.

We’ve written about the concept of legacy before, and the idea of creating clear and detailed instructions for your survivors so they can faithfully reconcile your estate and continue your life’s mission whatever that might be. More than just a will, we call it your green box, a collection of documents, messages, records, and instructions. It is essentially all the answers to the questions your heirs might have.

Creating this green box is one thing. Maintaining it is equally important, keeping it up to date, making sure it reflects your current circumstances. With that in mind, here’s a list of events that could be reason to review or revise your estate plan. It is not a complete list, but addresses the life changes most of us experience.

1. Death or disability of a family member.
2. Marriage of a family member.
3. Divorce or marital separation.
4. Birth or adoption.
5. Serious illness.
6. Significant change in the value of your estate.
7. Significant change in income or change in your source of income.
8. Change in the type of asset ownership, such as incorporation or partnership.
9. Retirement or change in employment.
10. Change of state of residence.
11. Life insurance purchase or change in insurability.
12. Desire to change your nominated executor, trustee or guardian.
13. Death or disability of your executor, trustee or guardian.
14. Receipt of inheritance or gift.
15. Purchase of real property outside your state of residency.

Is it time for you to update your green box?

 

John Christianson
john@highlandprivate.com
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