. Just because the two of you are well aware of the various possessions and funds you each brought into the marriage – there is no legal record reflecting this information. Should tragedy strike and one of you becomes seriously ill – or dies suddenly, courts may be at a loss to properly distribute your possessions without an updated will. Here are some other reasons for quickly making an appointment to see your Peachtree City estate planning attorney to redraft your will shortly after “tying the knot.”
Key Reasons to Have Wills Drawn up Quickly
- Children. Should either one of you be bringing children into the marriage (or have one “one the way,”), you'll need to designate the proper guardians in your will for such children. If you fail to do this, troublesome legal battles may later erupt, especially if one of you has passed away and numerous grandparents are trying to assert their rights;
- Routine property holdings. Should you and your spouse be in the process of buying a new home, you'll need to be sure the title is in both of your names;
- Special family possessions and keepsakes. In the turmoil following the death of a young spouse, many special family heirlooms may be displaced and never reach the loved ones you would have designated to receive them had you drafted a will;
- Life insurance policies. One or both of you may still only have your parents, siblings or friends named in your policy. This could create a serious loss for your surviving spouse – or at least make it necessary to pursue costly litigation later on;
- Investments, banking accounts. Wise and caring spouses usually want to leave all of their major funds and investments to one another upon their death. If you and your spouse must briefly postpone having your estate plans updated, at least go to your banks and name one another as POD (Payable on Death) beneficiaries for each other’s various accounts. The survivor will need ready access to ample funds to cover your funeral and other last expenses – long before any prior will can be properly probated in a court;
- Title to other, separate real estate or possessions. A newly redrafted will can remove all legal doubt as to who you want to inherit a vacation home (or other property) separately owned by you when you got married. Other expensive possessions and luxury items can also be fully addressed in your revised will.
To obtain help with satisfying all of your Georgia estate planning needs, please contact the Law Offices of Shane Smith today. You can schedule your free initial consultation with a knowledgeable Peachtree City estate planning attorney by calling: (770) 487-8999.