Want your husband, wife or partner to get your estate? Think that that happens automatically if you die? Wrong.
But you might be thinking, I already have an old will. Does it include all of your children? Any born after the will? Any deceased since then? Are your assets titled correctly to match the will?
Even some very famous and wealthy people muck this up. In a recent tragedy, Heath Ledger (who played the Joker in the most recent Batman movie) passed away suddenly after an accidental overdose of prescription medication.
The insurance company is contesting the coverage. His will was drafted before his daughter was born and he was not married to her mother. This created a difficult problem that has involved many attorneys and potential disputes. For more infomation click here. Until recently, it appeared that his 2 year old daughter might not get the estate. And, what about her mother who was an important part of his life?
All of this could have been avoided if he revised his will after the changes in his life.
Make sure that you check in with your advisors when you buy more insurance, have a child, get married or form a relationship that is important to you, your wealth increases, or when there are important changes in your personal circumstances. And, make sure that your assets are stuctured to work with your will or trust.
You can reach our office at 610-933-8069.