We can all remember our
English teachers explaining the uses and benefits of the “W” questions when
writing: Who, What, When, Where, Why and How. These questions still
periodically come up at critical points in our lives. Who should I marry? What
should I study at college? When can I retire? Where do babies come from? Why
does my daughter need such an expensive wedding? How did I get so old?
The “W” questions are particularly
important when it comes to your will. Who will I leave my assets to? What will
I leave for the people I love? When will it become available after my passing? Where
will I store my will? Why am I making these decisions, and am I being fair to
my heirs?
Then come the all-important “how” questions.
When it comes to wills, these are the ones that don’t get asked frequently
enough:
“How come?”
“How often?”
Sometimes we might ask these
questions when creating a will, but
not when updating it. But keeping your will up-to-date is as
important as creating it in the first place—otherwise, it might not truly
reflect your wishes. So the next time
you update your will, consider these “how” questions first:
“How
come?” Legally the executor of your will is obligated to follow your
written instructions. What might this mean? If your will states that your
assets should go to your spouse; then that’s where they will go. Easy enough.
But what if you’re divorced and you haven’t updated your will? Well, your
assets will go to your ex. And what if you re-marry? Surely, you would think, the
courts will recognize that you want your current spouse to receive your assets.
They won’t; unless you’ve updated your will. Another common situation is when your
spouse passes away. Many people would assume that their assets would
immediately pass to their children. Not necessarily. You need it in writing.
You don’t want your children, spouse, or grandchildren to not receive what you
worked so hard to leave them. But there is a simple solution: updating your
will.
“How
often?” Anytime you’ve gone through a change-of-life event, you’ll want to
make sure that those written instructions, i.e. your will, is up to date with
your wishes. I’ve already addressed what a change in marital status might mean.
But there are many other circumstances you’ll want to consider. You may have
sold a house or some other asset that you would like to include or remove from
your will.
I often talk with people who haven’t
had a recent life altering event or transaction take place. If you fall into
this category I would still encourage you to review and update your will. A
general rule of thumb is that you should review your will with a professional
at least once every five years. This is done because we change as people. What
seemed important five years ago might seem very trivial today; your heirs and
their needs may have changed as well.
Many people avoid this process because
it can be uncomfortable to address end of life issues. However, doing so can
save your loved ones untold amounts of grief. Far too often I hear or read
about a family who is dealing with the probate process, or squabbling heirs.
This is not only financially stressful, but more importantly it is emotionally
stressful. They are forced into a situation where they are required to
continually revisit the personal loss of a loved one, prolonging an already
difficult healing process.
If you have not recently reviewed
your will, please give me a call at 215-886-2122.
I can help you review your assets and
make sure that your wishes will be carried out the way you want. I can also
help you structure your estate to protect your assets and prevent unnecessary
taxes. There is peace of mind in knowing that you have your affairs in order
and that you can leave a legacy for your loved ones, not an unnecessary source
of stress.
