July 9, 2009 Don't overlook importance of a Will Play video

(NECN) - Michael Jackson's death has brought the importance of Wills into the spotlight.

Without a will, or one that is up-to-date, there is a chance that things may not happen as planned after your death.

Gina Ghioldi, a Lexington, Massachusetts attorney, shares the information you need to know about wills in the video player above.

• It's important to recognize that no matter how many or how few assets you have - if you have a minor child, you need a Will naming who will be guardian if both parents die.
• If you die without a Will you're considered to have died "intestate" - and the laws of your state will determine who gets what.
• Different states can require a different number of witnesses to watch you actually sign the document. If you don't do it right - it's like you never had a Will at all.
• Think about what you have and who you want it to go to.
• If you are thinking about having your overall assets split, for instance, between your children then your attorney will probably suggest your assets pass to them in "equal shares" or whatever percent split you want. Otherwise, you run the risk that by the time the Will takes effect, one or more of the assets you listed no longer exists. For example, if you have two children and in your Will and you leave your house to one child and your vacation home to the other, by the time you pass away that vacation home could have long been sold and the child who was supposed to get it gets nothing.
• It's

a good idea to pull out your Will and take a look at it at least every few years - just to make sure the people you have named as executor or trustee or guardian are still good choices.