There are a lot of celebrity trends that are fun to emulate: the latest fashions, for example. You may avidly follow the latest celebrity gossip or try your hand at some of the makeup or hair trends that the most popular celebrities are sporting.
There’s one trend, however, that savvy individuals definitely want to avoid: neglecting your will prior to your death.
It’s not a new trend, either. For years, celebrities have ignored the potential pitfalls of not having a will or not updating it. Jimi Hendrix and Bob Marley both died without wills. In other cases, like Albert C. Barnes, the celebrity’s wishes are blatantly ignored as their heirs moved forward with estate management.
You don’t want that happen to you! Instead, make sure you know what you need to do in order to keep your will current, and make sure you keep it up-to-date. Maybe you don’t have a celeb-worthy estate. Perhaps you don’t worry about what will happen to your possessions once you’re no longer here to enjoy them–and no one wants to spend too much time dwelling on the possibility of their own death. There are several key reasons you may want to make sure that your will remains up-to-date and that you’re prepared for whatever comes after your death.
1. You want to know what will happen to your children.
Do you have minor children?
If you have minor children, who do you want to take custody of them after your death?
How do you want to handle your finances and the funds that you leave behind for your children, especially if they still have many years before they reach adulthood?
You may have a celebrity-worthy list of divorces in your past, or it might just be you and the kids. No matter what your marriage history looks like, however, you want to make sure that you properly provide for your children in the event that they lose you. Carefully consider who you want to take custody of your children if something happens to you and your spouse. If you’re no longer married to your children’s other parent, you may want to be especially careful in making provision for your children. Do you want to set up a trust that the children cannot access until they reach a certain age? Do you want to make sure that whoever raises your children has funds to maintain their current standard of living?
Your will helps establish what you want to happen to your children in the event of your death. While you cannot lay it out perfectly, you can go a long way toward improving their future by writing it out in the will. Without that provision, you may leave your children at the mercy of a judge who does not know them or you–and who will have no idea what your wishes might be.
2. You want to make sure that your wishes are adhered to if you cannot make your own medical decisions.
If you become incapacitated in some way and cannot make medical decisions for yourself, what do you want? Do you want your family to take all possible measures to prolong your life, or do you prefer that they take only minimal measures? If something happens and you cannot make those decisions for yourself, who do you want to make them?
For many families, the person you want to make those decisions is not your spouse. You may have a specific child or loved one who is more likely to adhere to your wishes than another, or you may know that one child will suffer much more guilt if they have to make a difficult decision related to your medical care. A living will can help set out what you want to happen and who you want to make those decisions–and ensure that people listen to what you want.
3. Your will can help prevent arguments after your death.
All too many families face serious arguments after the death of a loved one. One family member might adamantly believe that he deserves the bulk of the estate. Another might think that it should come to her, regardless of what anyone else wants. Only rarely do family members settle on a fair and equitable division of property after the loss of a loved one, especially if that loved one had substantial resources.
Your will can help avoid those arguments. While it might not stop your children from arguing over specific heirlooms or make it easy for them to decide how to manage their shares in the home they grew up in, it can help set out what you intend to happen with all of your possessions. The more clearly you designate what you want to happen after your death, the more arguments you can help avoid.
4. You want to avoid the problems associated with an outdated will.
Neglecting your will does not necessarily mean that you do not have one at all. It can also mean that you have not kept yours up-to-date based on your current circumstances. Consider:
Did you recently go through a divorce? You may want to make sure that your spouse no longer has any right to your property.
Did you recently get married? You may want to make sure that your new spouse has access to the assets that you share.
Have you had children since you last updated your will? You may want to change your heirs to reflect changes in your family status.
Did you lose a loved one you have named as a beneficiary of your will, or even as a guardian to your children? You need to make changes to ensure that your will still reflects your current needs.
A will serves a critical document after your death, ensuring that your loved ones follow your guidelines for how to handle your property and your other wishes at the end of your life. If you neglect it, however, it may no longer reflect your current needs. If you need to update your will, contact Stephenson, Chavarri & Dawson, L.L.C. at 504-523-6496 today.
