Archive for the ‘wills’ tag
August 9th, 2013 at 9:35 am
By Kim Ross
The dreaded Last Will and Testament. Even though this document will be one of the most important things you will ever complete, most of us procrastinate this task and sometimes never complete it. As parents we do everything we can for our children and it is hard to think about not being around to take care of them.
One way I always justified my procrastination was, “What is the probability of my husband and I both dying in an accident?” One thing I never thought about was the implications of my death and the personal inheritance that I leave behind. For example, if my husband gets married after my death, half of his inheritance then becomes the new wife’s and completely could not be passed on to my children. Something as simple as a will can put measures in place that account for any inheritance.
The hardest part of the will process is choosing who will we appoint as a trusted guardian for our children. Maybe we don’t want to offend someone by not choosing them, or we truly have no idea who to choose. There are a lot of tough decisions to make.
I recommend consulting an attorney as they can guide you through drafting a will that portrays every wish you have. One of the reasons I never did this in the past was because of cost. Depending where you live, a simple will may cost a few hundred dollars to draw up. The money you may save your estate could be way more than that. Plus, attorneys think of things you would never even consider. One of the most interesting things I learned was that you can have one person in charge of physically having your children, and another person in charge of managing your children’s finances. This is a great thing to do when the people who make the best guardians might not be the best money managers.
Try to make this your goal for the remainder of 2013… to secure your family’s future in the case of an unfortunate incident.
Kim Ross also writes at A Little Bit of This and That ~ The Adventures of a Stay at Home Mom.