If you do not have a will or you have one but it needs updating, which situation is “worse” do you think? Read on for the answer.
If you do not have a will, what happens when you die?
- The state in which you reside can step in (because you died “intestate,” which means without a will) and decide who gets what, including guardianship for your minor children if you haven’t set that up legally. Do you really want the state to make those decisions for you and your loved ones? I’m betting you don’t.
- Beyond the legal ramifications mentioned above, you may have potentially left your heirs a “hot mess,” possibly leading to significant arguments as they fight over your assets, even resulting in long-term estrangements. We see it all the time, whether to people we know or celebrities like Prince and even Abraham Lincoln!
If you do have a will, but it is out of date, what happens when you die?
- The easy answer is, of course, that the terms of the will, regardless of its age, will determine asset distribution, etc. Now, if you have an old will you drafted years ago, but NOTHING HAS CHANGED in your life, you’ll be fine. However, for most people, over time, they experience several life events that have a direct impact on how their assets might be distributed. Examples include divorce, the birth of a new baby, a large inheritance, a new marriage, the death of a family member, and more. Even a dramatic change in your lifestyle, such as the acquisition of significant assets (like a vacation home) or entering retirement, can have an impact. Example: Do you really want your ex-spouse to inherit your assets? Is there a family member from whom you’ve parted still named as an heir when you really don’t want that to happen anymore? The flip side is that the old will might not include new children, new grandchildren, or even your new spouse. Bottom line, it is good that there is some modicum of legal direction. Still, it can be misleading, incomplete, or harmful.
So, neither situation is good. Many estate planning attorneys believe an outdated will can be worse than having none at all because it can create false expectations and fuel disputes.
Why would anyone intentionally leave their loved ones in either situation? The most loving action you can take is to create a will if you don’t have one, or to update your old will. Life is short; none of us knows what is around the corner.
If this has motivated you to take action, please don’t hesitate to get in touch with me. I promise you it won’t require that much time, and the peace of mind you’ll experience is priceless, knowing you’ve done what you can for those you love. Call me at 513-399-7526 or visit my website, www.davidlefton.com