Tuesday, April 30, 2013

When Should You Update Your Will

By Harry J. Lenaburg

            It is important for individuals and couples to have a Will.  This is the document in which you let the world know how you want your property distributed upon your death, and, for younger parents, where you would designate the person or persons you wish to care for your minor children, as their Guardian and/or Conservator.  The Guardian cares for the personal needs of the children, while the Conservator watches over the financial resources of the children.  One person can wear both hats, but you may also choose to have different people perform the different tasks.  The duties of a Guardian and a Conservator will be the subject of a later post.

            Young parents should be thinking about, and discussing, who they want or agree should be asked to assume that awesome responsibility of caring for their minor children in the event of their untimely death.  You must be certain that the individuals you wish to be appointed are willing to be so appointed.

            At any other life change, the birth of a child, the death of your spouse, the passing of your proposed Personal Representative, you should consider the terms of your Will, and determine if it is time to update your Will.  It is a good idea to meet with an experienced attorney to discuss your Will, your estate plan and those documents that all should have a Living Will, a Medical Power of Attorney, and possibly a General Durable Power of Attorney.

The Law Firm of Jessica M. Cotter, P.L.L.C.
18301 North 79th Avenue, Suite F-186
Glendale, Arizona, 85308

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