Your will is one of the most important documents you will ever sign. However, to think that over 70% of people don’t even have a will is, indeed, quite frightening.
When the first spouse dies, the surviving spouse may not remain as close with his or her stepchildren. Small irritations which were overlooked during the lifetime of the spouse who died, may become outright disputes.
However, if you get no further than scribbling notes or thinking about which lawyer to hire, you risk dying “intestate”—without a will that could guide your loved ones, head off family feuds and potentially save your family thousands of dollars.
Updating one’s estate planning documents involves changes to one’s trust, will and/or designation of death beneficiaries, as relevant. To be effective, such updates must be done correctly.
As parents age, families sometimes struggle with how to best keep their parents’ financial affairs in order. One common approach is for aging parents to put one or more of their children on their investment accounts, bank accounts and real property.
You should go to an estate planning attorney to sort things out and make sure both of you are on the same page about who owns what, who gets to stay where and for how long into the future.
In past generations, families were very close, there were few estates that had any tax liability, and children respected their parents’ wishes, both before and after the parents passed away.