Life Lessons From Celebrity Deaths On Updating Your Estate Plan

Two notable movie stars — Philip Seymour Hoffman and Paul Walker — provide a cautionary tale on the importance of keeping your estate plan and will up to date. In Hoffman’s case, his 2004 will had never been updated and he had two children after it was created. Walker’s 2001 will had also never been updated to reflect the changes in his life.

Conducting an estate plan review whenever something major changes in your life — like a birth, death or divorce — is key to ensuring your will remains valid and that the people you love are taken care of in the way you intend. Here are some additional steps you can take to be sure your  estate plan remains valid:

MAKE IT EASY TO FIND

It is not uncommon for people to file away a will and estate plan in a safety deposit box, which makes it inaccessible to family without a court order.

MAKE WISE CHOICES IN EXECUTORS

Not only should you name more than one person as executor — you will want backups if for some reason your primary choice cannot serve — you should also inform each person that you have chosen them to ensure their willingness to take on the job.

AVOID CONTRADICTIONS IN YOUR ESTATE PLAN

Be sure that your will does not contradict your choices for beneficiaries of your retirement accounts, life insurance policy, etc.

NAME GUARDIANS

If you have minor children, one of the most important functions of your will is to name a guardian. If that person cannot serve, you will need to have named a second choice for guardian to ensure the future of your children does not end up in the hands of a judge who doesn’t know you or the choices you might have made for them. 

BEWARE OF UNINTENTIONAL DISINHERITANCES

If you are remarried and have children from your first marriage you wish to provide for as well as your current spouse, you will want to make those provisions for them in your estate plan. If you wish to intentionally disinherit someone, you should specifically state your intentions in your will.

GET PROFESSIONAL GUIDANCE

Wills and other estate planning documents downloaded from the Internet will not be tailored to the specific needs of your family. You should seek out the experience of a qualified attorney to help you avoid mistakes that could jeopardize your family’s financial future.

This article is a service of Simpson Law Firm. We do not just draft documents; we ensure you make informed and empowered decisions about life and death for yourself and the people you love. We offer an Estate Planning session, during which you will get more financially organized than you’ve ever been before and we will assist you in making all the best choices for the people you love. You can begin by contacting us here, https://simpsonestatelaw.com/contact-us or calling us at 803-764-9555, and one of our friendly client service assistants will help you set up your consultation