Your Will, Your Way

Most people work hard their entire lives to build up and protect their investments. They seek financial security that will provide for themselves and their loved ones. Doesn’t it make sense then, to continue to work hard to protect those same assets in the event that something should happen to you? A will does just that. It is a very important document that tells the world exactly where you want your assets distributed when you die.

Approximately 70% of Americans do not have a will. This means that 70% of people are leaving their estates in the government’s hands to decide what will happen to their property and, in some cases, who will be their children’s guardians if they die prematurely. Dying without a will is referred to as “intestate.” When this happens, attorneys, government bureaucrats and tax agencies decide the fates of your assets. Attorney’s fees and taxes can gnaw away at your estate, and distribution of your assets could be delayed at a time when your heirs need them most. And when someone dies intestate, his or her spouse may not receive all of the assets. In most states the spouse will receive 50% of their partner’s assets and the rest will be divided amongst their children.

One easy way to make sure that the above events do not take place is to draft your will. When you write your will, you ensure that your money and other assets go to the people you choose – family members, friends and charitable organizations; you specify who will care for your minor children; you lessen the rise of potential conflicts over the distribution of your assets; and you avoid the costs and delays of probate, the legal process used to value your estate and transfer your assets.

Many find writing a will off-putting. The idea of facing one’s mortality is sometimes a hard thing to stomach. Others put off writing their will because they believe the process will be time consuming and costly, which does not have to be the case. Begin the estate planning process by simply looking over your insurance policies and retirement accounts and updating the beneficiaries. Then find an estate-planning attorney to review your objectives, explain the tools (wills, trusts, power of attorney, etc.) and help you think of matters you might not come up with on your own. Your attorney will then draw up the appropriate documents for you to sign. After that you can sit back and know that you have done your family and favorite charities a big favor.

Home