Wills
WHAT IS A LAST WILL AND TESTAMENT?
Wills. Your last will and testament, or your will, is an important document. It enables you to designate your personal representative (executor in other states), beneficiaries, guardians over your precious angels (minor children), exercise your post-mortem wishes regarding whether you wish to be buried, cremated or cryogenically frozen. We say that mostly joking, partly to honor the great movie, Demolition Man, and also partly because we’re significantly closer technologically to achieving that option than we were when that movie was released. At any rate, a will is great for many people and less significant for others. Unfortunately, most people don’t realize that their assets go through the toll-booth of Probate (or estate administration) before the beneficiaries get their payday, and that’s always an unpleasant surprise and usually an unpleasant experience. In addition, you can have a will that creates a trust after you’re gone, but there are disadvantages of that approach. Most attorneys will advise you to do a lifetime trust. The reason is mostly strategic.
You’ll learn more about this in our report once you take our questionnaire.
RateMyEstate
WHY IS A LAST WILL AND TESTAMENT IMPORTANT?
A will is important because it gives you the right to make decisions while you can. If you do not do so, a random judge – literally a random third party who you don’t know – will make the decision for you applying your state law’s default rules. You may or may not like those rules. It’s the ultimate gamble and your family and business are the poker chips. A will is important for more people.
IS A LAST WILL AND TESTAMENT ENOUGH?
It’s important to realize and understand that a will is not enough even for those people who need it. That’s where estate planning comes in. There are so many things that can go wrong without estate planning, and even with poor estate planning. Attorneys are retained every day to deal with them. What can go wrong? Surprises that cost money, time, energy, and relationships. Events that require court intervention and attorneys. A good bit of advice is this: small mistakes can have disastrous consequences to you and your family and your business.
SHOULD I DO IT MYSELF? NOOOOOO!
Again, estate planning is more than a will or any other document. While you can certainly do your will yourself, should you? Would you build our own boat? Fix your own roof? Perform surgery on yourself because you saw it on YouTube? Maybe, but it’s probably not a good idea. There are times when it pays and is rewarding to do things yourself. Estate planning is not one of those times. Estate planning attorneys spend their days professionally handling these blow-ups and it’s our goal to educate you so you can make an informed decision to consult with appropriate professionals when needed. Do it yourself products are great businesses, but not good for clients.
SO THEN WHAT?
It’s very simple: educate yourself using our resources. Then consult with an attorney if your situation seems like maybe that might be a good idea. We’d be happy to introduce you to someone who may be of assistance.