The importance of having an up-to-date will

Things you should know before you go:

The importance of having an up-to-date will
By Andrew Hodges
January 2006

The most important "thing you need to know before you go" is that everyone needs to have an up-to-date will. Having a will that is current will assist in funeral arrangements by clearly stating who is responsible for final decisions as well as signing relevant documents.

Distribution of assets may be the first thing that comes to mind when someone thinks about getting a will, but that should come second to naming an executor. The executor can be anyone: a family member, friend or someone trustworthy such as a lawyer. You can also have more than one person named as an executor as long as the person(s) are at least 18 years old. The executor is responsible for settling an estate. This does not mean they are solely responsible for it, however, as the option of seeking legal advice is encouraged.

Having a will in a secret place is not helpful. You should ensure that your spouse of close relatives know where to find your will and who your executor is. The executor should be notified immediately upon death as the executor is legally responsible for the funeral arrangements. Therefore, your executor should know well before hand that they are indeed your executor so that they can be familiar with your assets. The executor will need to know things like who your lawyer is and the various assets that you hold, such as life insurance policies, real estate deeds, property insurance, tax information, pension plans, health insurance policies, savings plans, bank accounts, retirement accounts, credit accounts, safety deposit boxes and where to find the key, mortgages, stocks and bonds, investments, motor vehicle insurance and registration, credit card accounts and outstanding loans.

Some final thoughts to conclude this brief look at wills; the will needs to be updated as our lives progress. Also, power of attorney and executor are not the same thing; power of attorney is the person responsible for your affairs while you are still alive, but unable to make decisions. The role of executor begins upon death. Those two roles can be given to one person or different people.

Keep in mind that wills can be created to accommodate a number of personal choices. For more detailed information about wills, consult one of our local lawyers.