<p>everytime I see the title on this thread, I think you’re asking for advice about a Wii.</p>
<p>I’ve had “update the will” on my to-do list since my youngest daughter was born 16 years ago.</p>
<p>Silverlady (post #5) reminded me of a funny story about wills. I was the youngest of four in my family. My mother redid her will after my father died and I was the only unmarried daughter at the time. A few years after the rewrite I did marry and my husbands firm has been amazingly successful putting us beyond comfortable. My sisters and brother are fine but significantly less well-off; as are their grown children.</p>
<p>My mother died about 2 years ago, and in the will my mother decided that I should have 1/2 of the money available because I am single and will need it. My siblings split the remaining 1/2 three ways. Knowing my mom we all understood; in her era a single woman needed financial help, so no one was insulted but we were hysterical at the irony of it all. Of course the whole thing became a hassle because we couldn’t change the will and it became difficult for us to transfer the money to my siblings and their children and grandchildren. </p>
<p>It was all worked out and gave us a good laugh but also a lesson learned - wills need to be updated regularly, whenever things change with age, finances, material possessions, etc.</p>
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Make that seventeen for us!</p>
<p>Our Wills are 21 years old … or should I say 21 years out-of-date? DW and I have been waiting for an appropriate moment to update them … no luck so far. Even if we’d completed an update, later life experiences would have prompted a re-do. </p>
<p>Based on my experience with a complicated Estate (eighteen heirs spread over three generations) and a complex Trust, IMHO it’s nearly impossible to anticipate everything that may affect a Will between the day you sign it and the day … well you know.</p>
<p>Regarding the OP’s Retirement Accounts, I believe current law specifies that they pass to listed Beneficiaries rather than to Heirs … unless of course there are no listed Beneficiaries. Sigh.</p>
<p>I had “make a will” on my to do list since my oldest child was born. 27 years ago.</p>
<p>Oh well. I think the moment has passed…</p>
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<p>1st half: If only DS can find one of your D’s to get divorced from. :)</p>
<p>2nd half: Everybody got to lose everything at least once in their lifetime. Even in a startup. DS is using OPM on his startup. ;)</p>
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<p>We updated the will and trust 2 months before my husband passed. We were in a meeting with the family lawyer to talk about other family business when he mentioned changes to trust laws, and we might want to change ours. My husband said “Now is good.” He didn’t look sick, and shocked our lawyer with the news. Our lawyer pulled it together in time. It made a huge difference in my life.</p>
<p>LongPrime,</p>
<p>What does OPM mean?</p>
<p>I feel extremely fortunate,in that my g/f is estate lawyer and insisted I redo everything. UCDA’s experience shows the value of keeping a Will updated. Sorry for your loss.</p>
<p>Now, if only I could find a really good real estate/litigator attorney in LA area…</p>
<p>These responses have been helpful - thanks very much. I really liked the ideas about not distributing any funds until both kids’ educations are complete, and then doing a graduated distribution. Even though it won’t be a lot of money - I think this is very sound advice.</p>
<p>A previous poster mentioned designating a beneficiary on retirement accounts - right - I think we did that - but I guess I need to double-check.</p>
<p>OPM= other people’s money.</p>