uccess With Money
uccess With Money
Your Personal Guide to Achieving Success With Your Money and Your Life
A lot of people put off going to the dentist until they have an unbearable toothache. A lot more people put off getting a will until they die! It is all a part of the natural tendency to avoid pain that we all share in common.
In the former case it is the avoidance of physical pain. In the latter case it is avoidance of mental anguish. Thinking about anyone's death is somewhat unpleasant. Facing our own death is often unthinkable.
So we just put it off. We don’t anticipate never getting it done. We just plan to wait a little longer. But in the end, it often never happens.
Often people assume that the only reason for a will is for the physical distribution of their home, money and other property. Most just assume, too, that if everything is pretty much held in accounts with more than one name on it there is really nothing to be concerned about. Unfortunately, it does not work out that way.
Without a will, some states require proportional distributions to children as well as spouses. Especially where there have been multiple marriages there can be incredible complications and expenses. Sometimes spouses, in particular, are left wanting as a result.
In almost all families there are heirlooms of one sort or another, such as a valuable piece of jewelry like a wedding ring, and some family favorites like grandma’s rocking chair. If a person really does want a certain person to receive this item upon their death there needs to be a will.
We cannot avoid the potential for tax issues either. Family members now have limited exposure in the United States, but these laws change often and some may expire in 2010. What non family members receive is another question. Legal advice is really needed since laws vary by states.
Personally, my wife and I have a severely handicapped child. It is extremely important for us to plan how his needs will be provided for in the event of our death. A will is clearly needed to provide for family responsibilities like ours.
In view of all these issues, it is clear that virtually everyone needs a will for one reason or another. So how shall we go about preparing it?
First, learn a little about wills by reading from some good educational sources. Hopefully this article and the one I have written about the basics of wills will get you started.
A really profitable idea is looking at some sample wills. One helpful one can be found at: http://estate.findlaw.com/estate-planning/estate-planning-forms/wills-sample.html. This is an interesting resource because it is annotated to point out why different elements need to be stated in certain ways.
For less than fifteen dollars from Amazon, you can get Suze Orman's Will and Trust Kit which really contains a lot of information and helps people set out a will along with several other important documents. I can really recommend this as a great value.
But even then, as she recommends too, I would think it best to consult with a lawyer to complete your work. Working through the process beforehand can dramatically reduce the time needed with the lawyer, and as you know a lawyer’s time is measured in dollars, but this is one place it is worth spending a few dollars to make sure you get it right.
