Where There is a Will, There is a Way.
Everyone needs a will. It really is that simple. Few of us like to think about dying but, as Benjamin Franklin noted, only death and taxes are certainties in our lives.
And while we may want and expect a long life, the sad truth is there is simply no way of knowing when it is our turn to exit this world – a fact brought starkly home to basketball fans last month with the sudden death of NBA legend Kobe Bryant, killed unexpectedly in a helicopter crash.
Wills are essential to help protect our loved ones from – at best – legal costs and extensive waits to resolve a deceased’s estate.
But worse still is when family do not know what their departed member’s wishes were – and the rows, fights and feuds begin over what goes where. Some families never recover from a fracture caused by the absence of a will.
Even in the simplest of cases – a young person without spouse, children or significant assets – there should still be a will, if only to clarify that everything they own passes to a sibling or parent. It can always be changed later as life happens.
When someone dies without a will in place, all their estate – money, possessions and assets – goes into probate, a legal process that determines who gets what according to the law. The more complicated the estate and the family, the longer this can take – and the more money used up to pay for lawyers.
And even when resolved, it does not mean people will be happy with the outcome – it will be decided legally, which is not always the way people think it will go.
Consider an unmarried couple – no matter how long they’ve been together, the surviving partner has no legal rights to their loved one’s assets.
If that includes half their home, which now goes to someone else, they may find themselves looking for somewhere else to live.
And while most parents want to treat children fairly, it has to be noted that fair and equal are not synonyms – there can be all sorts of reasons why it is not desirable to see an estate simply liquidated and divided equally. Consider a family firm, where one child has worked hard running it while the other has followed a different path. Or a home where one child has lived caring for their parent while the other had their own family elsewhere.
For further good measure, the laws can and do vary by state – another very good reason to seek legal help in drafting a will to ensure your wishes can be followed.
It is true that if beneficiaries have been designated on life insurance police, bank accounts and the like that this can help allocating assets in the event someone dies without a will in place – but that still only covers some of the issue.
Who gets the sentimental items? The record collection and baseball cards? What about any non-adult children? Who takes care of them and with what financial resources? Even your pet dog or cat – where do they go if you do not want them dropped off at a shelter?
And as families become more complicated, with potentially two or even three sets of children with a second or third marriage, and half-siblings and surviving former spouses it is all the more important to ensure your wishes are properly recorded.
Alongside this, make sure your will is refreshed and updated as life changes happen – it is not unknown for someone’s estate to end up with a former spouse rather than the current one unintentionally.
Wills also allow you to make charitable gifts, maybe of a significant size you could not do while alive – so if there is a church or synagogue, or a college or fraternity, or any good cause to which you had a particular attachment, a will is an ideal place to ensure your assets can carry on your legacy for you.
Leaving a will is leaving a gift to your family – not just in terms of inheritance, but in terms of convenience as everyone concerned knows simply and clearly what your wishes are.
When you are ready to take this necessary step, schedule an appointment with Bob Nelson to begin your will planning. We’ll help you create safeguards to give you and your loved ones peace of mind.
