Celebrate the Month of Love by Updating a Family Will
Updated: Mar 1
February is a time to think about your partner and family and how much you love them. What better way to show your love than updating your will? Even if you already have a will, life happens, and changes occur that make it necessary to add assets or loved ones to the will.
Make Routine Updates to Your Will
Think about events that are likely to happen around Valentine’s Day, like a new engagement, a wedding, a birth, or an anniversary. These events are always good reminders to revisit your will and make sure it is up to date.
Check for the following:
· Current List of Beneficiaries: Have you had anyone join the family that might be added to the will? Perhaps a new grandchild or son-in-law entered the family? What about a death in the family where a person would need to be removed from the list of beneficiaries? Look through the list and make sure you still agree with everyone who will receive money after your death.
· Letter of Intent: Often, the drama that comes out of wills can be taken care of with a letter explaining why each family member gets what. Family drama comes from arguing that you forgot to add a beneficiary or made a mistake in giving more money to one person than another.
· Valid List of Assets: Have you acquired any businesses or properties since you last updated the will? Be sure to add them to your list of assets.
· Update the Guardian for Minor Children: If something happens in the life of your chosen guardian, including a terminal illness, divorce, loss of job, or other life change, you may want to switch to a different family member or friend. Be sure to keep a current record of whom you want to take care of your children if you and your co-parent were to unexpectedly pass away.
When you think about an untimely death, one of the biggest worries on your mind is hoping your family will be okay. Ensure they will be financially taken care of by keeping a current and updated will.
Miles & Hatcher, LLP, has the answers to your questions about your family will so that you do not miss any vital updates. If you want to take care of your family after you pass away, your will should answer any questions they may have. Call to book a free consultation: (909) 481-4080.