WHY SHOULD I UPDATE MY WILL?

So picture this…after your passing, your Will is being read by your family and none of the named executors are still living…. Now what do they do?

Here is another scenario…Your father’s Will is being read, your mother has already passed and your aunt is your guardian…wow, you are 35 years old! And there is a trust set up for you in which your uncle, who by the way has also died, is named trustee to manage your money until you are 25! Why did your father do this?

Let’s look at this one….Your mother’s Will lists 10 different items of jewelry, paintings, furniture which are all to be given to named beneficiaries, half of whom are deceased and the other half are not even interested in those things. Really? Is this what she wanted?

Here is another one that is really scary….your Will leaves your estate to your children but one of them died before you and has three young children all under the age of 18. The Will makes no provision for beneficiaries who are under age, so guardians will need to be appointed for each one of them and their shares of your estate will be held until they are 18 years old when they receive their entire share – not 21 or 25 or 30. Is this what you wanted to happen?

You really, really need to look at your Will. Are your executors still living and capable of taking on the responsibilities of an executor? Are your beneficiaries all still living and if not, did you say what happens to their share if they die before you? Are any of your beneficiaries disabled? Do any of them live outside of the United States? Do you know where they are?

Look at your Will and give us a call to discuss whether your Will still distributes your estate as you intended when you made it 10 years ago or 20 years ago or even 30 years ago.

Our estate planning attorneys would be happy to meet with you to discuss your options and suggest ways to improve upon your estate plan.