Keep your will up-to-date Published Dec. 8, 2006 POPE AIR FORCE BASE, N.C. -- Think you don't need a will? Think again. Obviously nobody wants to think about the possibility of dying, especially in the prime of life. The reality, though, is that it doesn't hurt to have one -- less than an hour of your time now can save your family a considerable amount of time and heartache down the road. If you're thinking right now "I don't need a will," you may be prey to some of the common myths about wills. In the spirit of the great Discovery channel program, "Mythbusters," let's "bust" some of the most common will-related myths. Myth No. 1: I'm single without kids and want it all to go to my parents. I don't need a will, right? Wrong. Even if you have no doubt that the law in your state will distribute your property as you wish, getting a will can save a lot of time and heartache for several reasons. First, it ensures there will be no unanswered questions. If you didn't have a will and folks come forward with claims to your property, it will create controversy. Having a will ensures that you'll avoid any controversy, because you've put all your intentions down on paper. Also, without a will, some states may require your estate to go through the probate process -- which can be costly and time-consuming. Finally, it's especially important to have a will if you've had any divorce, remarriage or adoption in your family, because without listing specific individuals, there can be a lot of controversy over how folks who are not "blood relatives" or who have become estranged should be treated. Myth No. 2: I'm married with kids -- it's all going to go to them anyway, right? Maybe. See the response to Myth 1 as to why it's important to have a will anyway. Even more important, however, is that there's a lot at stake when you've got kids. A will allows you to designate who will care for your children if you and your spouse die. Take the time to think about who you would want caring for your kids and memorialize that decision in a will, so that everyone will know your wishes. The alternative is that your kids may have to undergo a heated custody battle, with a court making the decision for you. Myth No. 3: I've got a will that will take care of Servicemembers Group Life Insurance and my Thrift Savings Plan, too, right? No. A will does not affect any life insurance policies (including SGLI or TSP) or anything that you have that is held jointly with someone else (real estate, investment accounts, etc.). You must deal with those accounts separately. Also, just as we would never recommend leaving your estate to be distributed "by law," the same goes for your SGLI -- always designate beneficiaries. The "by law" provision of the SGLI distributes your proceeds first to your spouse, then to surviving children, in equal shares, then to parents, divided equally, then to the executor of the estate (either as designated in the will or as appointed by a court), then to the next of kin according to state law (often siblings, cousins, etc.). The same reason for why it is important to designate beneficiaries with your will applies for SGLI and other jointly held accounts. If you do not name a beneficiary, the proceeds may go to someone you don't want. For Thrift Savings, if you die before your annuity is purchased, the TSP will cancel the annuity request. Your account will then be distributed based on the annuity you chose. If you chose an annuity that provides for a joint annuitant and/or beneficiaries, your entire account balance will be distributed to your joint annuitant or, if there is no joint annuitant, to the persons you named in your annuity request as your beneficiaries. If you chose a single life annuity without beneficiary provisions, your account balance will be distributed to the persons you named on your most recent Form TSP-3 or TSP-U-3. If there is no form on file, distribution will be made according to legal order of precedence. To find out more about the TSP or to manage your account, visit http://www.tsp.gov. Bottom line, according to 43rd Comptroller Squadron, it is up to each individual to ensure their information is updated. It's advised to change your information as soon as circumstances dictate in your personal situation. Myth No. 4: Virtual Record of Emergency Data isn't that important, is it? The vRED is the official source document required by law for you to provide the Air Force with emergency contact information in the event you become a casualty and for designating beneficiaries for certain benefits in the event of your death. It is your responsibility to keep this information current, and completion of this program is mandatory. If any of the information changes, the vRED should be updated as soon as possible. Delays in next of kin notification are most often associated with incomplete or outdated information. It is to the benefit of your loved ones that you keep this information current at all times. Stop by the legal office during walk-in hours -- Mondays 1 to 3:30 p.m., or Wednesdays 8:30 to 11:30 a.m., and 1 to 3:30 p.m. If you need clarification before coming in, call 424-2341. (Courtesy of Pope's Legal Office, Comptroller Squadron and Military Personnel Flight)