The information in this column is not intended as legal advice but to provide a general understanding of the law. Any readers with a legal problem, including those whose questions are addressed here, should consult an attorney for advice on their particular circumstances.
I watched one of my favorite movies last weekend, High Noon. As the movie opens, former marshal Will Kane (Gary Cooper) has just married his new bride Amy (Grace Kelly) when the telegraph operator runs in to announce local criminal Frank Miller (Ian MacDonald) has just been released from prison and is headed home to exact revenge on Kane. Kane learns his town has turned yellow, and nobody will help him face Miller and his band. As the climax approaches, Kane sits down to quickly write his Last Will and Testament. This made me recall 70% of adult Americans do not have a Will. If you choose not to have a Will, then you can rely on the laws of the State of Texas to transfer your assets. But I can guarantee you it will not be the way you would want it transferred.
If you have at least gone to the trouble of making a Will, consider yourself ahead of the curve and pat yourself on the back. Then come back to earth and realize that your work is not yet complete. A Will is not a static instrument. To serve its purposes, it must keep current with life changes, including an individual’s financial circumstances, as well as external factors such as tax laws. With the help of a professional, you should periodically review your Will, staying alert to new or changed circumstances that might require updates.
Obviously, a marriage usually brings a new beneficiary into the picture, and a divorce may remove one. Some of the changes in a Will prompted by a change in marital status may not be so apparent. For example, when a widow or widower remarries, the Will may need to be updated to show how children from the previous marriage and the new spouse are to be provided for.
A new child is a new beneficiary, but a Will can and should cover more than just the distribution of property to heirs. Parents can name a guardian, and even an alternate guardian, to care for their children in the event that something happens to both parents. Absent such a provision in a Will, a court will appoint a guardian.
The death of an executor, guardian, beneficiary, or trustee named in your Will creates a gap in how the Will is supposed to operate. Fill in the gaps by making necessary changes, such as naming a new individual or, in the case of a deceased beneficiary, simply removing him or her from the Will.
Is your insurance coverage sufficient? Many people underestimate the amount of insurance they or their businesses need. Also, remember to name contingent beneficiaries and ensure these designations align with your estate plan.
How organized are your records? Clear and orderly record-keeping can significantly ease the executor’s job and help prevent potential disputes or delays. Get a small filing cabinet, pick a draw in the house or organize a box with your important documents, records and contacts. Let your executor know where these items are located.
When did a qualified attorney last review your estate plan? Even if there haven’t been significant changes in your life, if it’s been over five years since an expert last reviewed your estate plan, it’s time for another checkup. After reflecting on these questions, if you find areas of concern or uncertainty, don’t hesitate to reach out to an attorney who focuses on estate planning They should be able to assist you in ensuring your estate plan remains robust, relevant, and capable of withstanding the test of time.
Remember, estate planning is more than a document; it’s a dynamic process designed to provide peace of mind and secure your legacy.
Sam A. Moak is an attorney with the Huntsville law firm of Moak & Moak, P.C. He is licensed to practice in all fields of law by the Supreme Court of Texas, is a Member of the State Bar College, and is a member of the Real Estate, Probate and Trust Law Section of the State Bar of Texas. www.moakandmoak.com ©