By Evan Vitale
Recently, a friend of mine told me he had a “meeting” with his parents involving their last will and testament. It wasn’t so much of a concern as to an inheritance issue as it was knowing their prepared plans for a living will; funeral arrangements; executor of the will, etc.
The entire idea of preparing and having a will on hand should be a priority for every person.
Unfortunately, studies show that 7 out of 10 Americans do not have a legal will prepared. Some don’t believe they should even begin thinking about a will until they are at least 60 years old.
However, a will is an extremely important document that you should take seriously no matter your age or current health or financial situation. One of the most important reasons to have a will is for your spouse; children and other family members. What happens to your business?
If you should die without a will, then the state in which you live will implement their own will for you. And, of course, your family may not like how the state will distribute your assets in case of your untimely death.
Think about all of the loose ends that will occur if a will is not in place:
- Funeral, cremation and burial wishes.
- Living will considerations.
- Spousal support.
- Children support and possible custody with another family member.
- Division of personal assets such as real estate; a business; a car and other items.
- Will your business continue to operate?
The list could go on and on depending on your current situation.
Some choose to wait to have a will created by an attorney or law firm because of the price that’s involved creating a will (i.e., $500 or more). However, without a will in place, other legal matters and fees could arise in order to settle and protect your estate. All of these problems – in addition to possible family arguments and divisions – can be avoided if you have a will in place.
In our next blog, we’ll discuss more about the importance of creating a will today.