My dad sent me an email this morning about a possible blog topic. It is not the happiest of topics and not something I enjoy talking about but also know the importance of discussing it.
A friend of a friend of theirs recently lost her husband. It was her second marriage BUT the husband had never updated this will – so his first wife (who he divorced 20 years ago) gets all the assets! It seems the retirement annuities and policies had the current wife named as beneficiary but still everything else, on paper, goes to the first wife.
This isn’t the first story like this. I have heard a few cases where there is either no will at all or it is not updated correctly so the surviving people loose out. Or the children don’t have guardians so get placed in the “system” or find themselves in custody battles.
Drawing up a will really doesn’t take long. Once you have the basic one, it is easy to amend should you need to add a child, a policy etc. FNB even have one you can do online so there is no reason why you shouldn’t have one. It is something that you need to take the time to do, especially if you have children!!
It is also not just about who gets your money but about making sure that those you leave behind are looked after. My dad is pedantic about this. He updates his will annually, he recently made a few changes and let both my brother and I know what they were as well as what to do should something happen to him. It was a morbid conversation but I know it will make life so much easier for us, especially my mother.
Do you have a will? Is it up to date? Do those who need to know, know where it is?