I write after a lengthy absence. Please excuse me, for I have been quite busy. I gave birth to my second child in June 2012, so my summer was pretty hectic. Just before I returned to work from maternity leave, my father passed away. I am the Executrix of his Will, so I have my hands full with obligations there too. These two events, however, have reminded me that I need to do a little housekeeping; i.e., revise my Will.
The importance of a Will cannot be ignored. But it is just as important to revise a Will when changes in life occur. I have a Will; but it was prepared long before life became busy. I prepared it when I got married, but never revised it when my first son was born. Now here I am, 4 years later and the mother of 2 children, and I still have not changed the Will, nor named a guardian for my children. Moreover, I doubt anyone knows where my Will is located. Quite frankly, I am not even sure I know where it is. Which brings me to my first point...
Assuming you have a Will, make sure your family knows where it is located. When my father died, my brother and I spent an entire day searching his house in Florida looking for it. We finally found it - on a shelf in the kitchen between cookbooks. That was the last place I thought it would be. Without the document, I had to make decisions regarding his funeral based on what I thought he would want. Thankfully, my decisions were in line with his wishes. The lesson here: Preparing the Will is pointless if no one can find it. Prepare the Will, tell your family where it is, and make sure they have key information such as where you do banking and where you keep records for mortgages, assets, etc.
My second housekeeping tip: revise the Will when changes occur. Important changes like the birth of a child, death of a beneficiary, etc. warrant a trip to the lawyer's office to make that revision. When you have minor children, you need to name a guardian. If you and your spouse die, who will care for your children? You might think the answer is obvious; that your parents or siblings will step in to help. Of course they will. But what if your parents are ailing and simply cannot do it? Or what if your sibling or in-law thinks they can provide a better home than the other sibling or in-law? If you did not name a guardian in your Will, there will likely be a court battle. Do you want to look down from heaven and see your family pushing and pulling your children in different directions? Take a few minutes and think about it. If you were not around, who would you most trust to care for your children on a full-time basis? And further, can that person or persons handle the task? You need to make that decision and write it down in your Will. After all, the purpose of a Will is to direct the finalities of your life. The purpose of naming a Guardian is to determine who will care for your most precious asset - your child.
For more information, I can be reached at 609-601-6612 or spedrick@youngbloodlegal.com. Have a good week!
Stephanie Pedrick
