If you have already had your Last Will & Testament drafted, you are ‘one of the elite’ in our country. Statistics state, between 70 and 80 percent of Americans do not have a Last Will & Testament. It appears to cut across economic, geographic and cultural divides. Most people just never ‘get around to it.’
You are feeling pretty good about yourself now. . . “I am one of the few, the proud. . .” no, don’t go that far. If you have already drafted your will, when should you update it? Of the 80 percent of us who do have a will, the answer is never. Most who have a will drafted never have it updated. I have couples come into my office to update their estate plans and they show me their ‘current’ wills which appoint guardians for their children. And their children have children of their own. Yes, the wills are old and, likely, outdated.
You should review your will at the obvious crossroads – a birth or death in the family, a marriage, divorce or other life change. Also, review your will once every year. I advise my clients to review their wills on Groundhog Day. Why Groundhog Day? No significance, except that it such a silly misnomer with estate planning that you are unlikely to forget it!
Take the time (yes, we are already past Groundhog Day this year) to review all of your protective documents and make sure that they are up to date.
Please contact Mateya Law Firm to help you with your estate planning and administration needs.