Category Archives: Will
Look, I’ll be honest with you — nobody really wants to talk about death, wills, life insurance or anything like that. But while you’re reviewing your finances and getting your affairs in order, don’t you think it might be a good idea to look into this type of stuff far ahead of time? If you’re in good health right now, you might not be thinking about your will. But if you haven’t updated your will in a long time, you could be leaving your family exposed to liability.
You see, if you’ve added new members to the family since you got your will created, your will doesn’t automatically acknowledge them. You have to write that in yourself. In addition, you also have to make sure that you’re looking at any property that you might have gained in this “gap time”. A lot of people forget to include the property they’ve gained, which causes problems later down the road for your heirs.
If you’ve gotten remarried, you might want to update beneficiaries. You probably don’t want your first spouse taking benefits from the second spouse. It’s completely up to you to figure out how you want to set up your estate.
If you don’t have a lawyer to sort things out, now is the time to get one. They’re really not as expensive as you think. I know this because I have gotten a lawyer for some stuff I need — and I’m actually a law student! There are just some things that you don’t want to mess with. Sure, there are blank wills online for people to use as a template, but that’s for very simple properties. If you’re someone that knows that you have something much more complicated, then you owe it to yourself and your family to seek out an attorney.
You might not need them as much as you think either. They will give you a free consultation, and from there they can explain exactly what they can offer you. If they don’t need to have an ongoing thing with you, then they will be more than happy to just help with the initial filing and answer any questions that you have. By being organized, you actually save money — the attorney doesn’t have to do a lot of research, which would in turn cost you more for their time.
It’s a hard subject to have with your family. Not only do you want to have your will created or updated, but you need to have multiple copies stored away. This will make it easier to bring the will to court later after your death.
Thinking about your life insurance policy is a good thing too. Remember that the insurance proceeds transfer over to your family tax-free, which means that it’s even wiser to get life insurance (while you’re thinking about it, of course).
Get your affairs in order while it’s on your mind. So many people wish that they had more support during the passing of a loved one. Make it happen for your family, and they will truly love and appreciate everything that you’ve done for them for the rest of their lives. Good luck with these decisions — I know it’s hard, but it’s truly worth concentrating on!