The shocking truth about Last Will & Testaments    What happens if I die without a Last Will and Testament?"I made a Last Will and Testament 5 years ago, so I'm OK.""I'm not married and don't have kids; I don't need a will.""I don't need a will, it'll just go to my partner.""My brother said he'd look after the kids."The truth is, the last 4 statements are very, very wrong - even dangerous! A Last Will and Testament is the foundational building block for your estate planning. Yes, in the early days of your working life, where you have few assets (and hopefully little debt), a Last Will and Testament is less crucial. As soon as that changes and you begin to accumulate assets, get married, have kids, or begin a business, a will, in one of the two forms, is imperative!
Depending on your circumstances, an attorney will recommend either a Will based estate plan, or a Trust based estate plan. These are very different and you need specialized legal help to decide, then to execute, the correct one. This is the livelihood of your loved ones who you leave behind that you're documenting for. They deserve your best efforts.
Let's look at the 4 statements from earlier. You made a will 5 years ago, so you're fine and dandy now, right? Wrong! Times change, laws change, your situation changes. That's like saying, "I changed the oil in the car 5 years ago, it'll be fine now!" A Last Will and Testament needs regular updating - a yearly look at it is recommended.
The single person with no dependants, why would they need one? They may well still have assets that need distributing. Their estate, regardless of size, will need someone to administer after their death.
It'll all go to my partner. But which one? Let's face it, a huge number of people have more than one long-term partner. On your death, which partner do you want it to go to? Probably the last one, right? But what's to stop a former one trying to get some of the action? Yes, they can still challenge a will, but that's harder than where a will wasn't executed.
And, finally, the faithful, helpful brother. So very much is wrong with this scenario. You die. So where do the kids go now? "To my brother, of course. Just like we agreed." But how can you tell the courts that when you're not around? Without some legal instructions, how can the court be sure your brother is telling the truth? Then an Aunt waltzes in, claiming the right to have them. Then your sister, to whom you haven't said a civil word to in years. What does the court do? Well, it has the power to put your children in state care for up to 6 months while they sort it out. Is that what you'd want for them?
Fact: 80% of Americans do not have a will (whether up-to-date, or obsolete). Fact: The American Bar Association (ABA) found that 50% of attorneys do not have a will. Fact: The state you live in doesn’t mind that you don’t have a will. They don’t care about your family. Fact: If you have young children, you need a will to protect them from becoming wards of the court. Fact: You can finally afford real legal counsel in creating your will, and updating it annually.
The sad fact is, as you read this, the chances of you having a current, up-to-date will are frighteningly low! But there is hope. As part of the Family Protection plans offered by Pre-Paid Legal Services Inc, a will for you and your partner is now affordable. Actually, better than affordable... it's free as part of the plan! And it's free to update it every year. There is no excuse anymore not to have a current Last Will and Testament.
Check out our page Wills - Last Will and Testament - what they mean to you and your family, then call us and get started right now. |