They say there is nothing more inevitable than death and taxes. While I am not going to talk about taxes, I am talking about death. I don't mean to be insensitive but whether it's tomorrow or in 50 years we will all die someday. I want to talk about the importance of having a valid will because the fact of the matter is 7 out of 10 Americans die without a will. I can't understand why so many would not do something so vital for something this inevitable. So here are a few myths or fears when it comes to estate planning. First, "having a will means I am going to die." NO, it only means that you are prepared for when you do. Second, "things will work out fine for my loved ones whether or not I have a will." Oh things might eventually work themselves out, but the courts take a long time and are much more costly. Not to mention all this puts a lot of undue stress on those you leave behind.
Who needs a will? Any adult who has anything. There are very few adults who would be okay without a will- single, no minor children, and no assets (car, house, other valuables). So if you are married, have children, or own anything of value, you NEED at least a basic will. A will is a state specific document that provides the court with your wants and wishes for your estate. This includes guardianship for any minor children. Because probate is controlled on the state level, if you move to another state you will need a new one. If you are married, both you and your spouse each need a will. Most of the time these are mirror image or complimentary wills. Things get a little more complicated if you have a blended family, so in these cases wills are that much more important. It's also a good idea to update your will every 2-5 years.
You may be thinking that it takes a lot of time or money to put one together. Please do not let this be a hindrance in getting one. If you're comfortable with online software you can get one for as little as $15. If not, you can pay a reasonably priced attorney to do one for a few hundred dollars. The more complicated the estate, the more I recommend having an attorney do it.
I must say that I was going to talk about something completely different today. I changed my mind because of a TV show that watched. The back story was that the parents of these two kids were killed in an accident and the children having no other family were put into the foster care system. This got me thinking because obviously these fictional parents did not have wills. If they did their children would have gone to the guardian outlined therein. I know this is just a silly fictional show, but sadly this kind of thing happens all the time in real life because people don't take the time to do even a simple will. This, in my opinion, is the most important reason why you need a will, to declare guardianship for your minor children. Their future is at stake and who wants to let the courts decide who will care for your children? So please! Be responsible to those you love, GET A WILL! Don't wait another day!
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