No one is promised tomorrow, yet many of us live as though it
were. A 2016 Gallup poll shows that 55% of Americans don’t have a Will![1]
Making a Will should be an essential part of being an adult, whether you’re
married with kids or single. Dying without a Will in place puts an unnecessary
strain on your loved ones to make decisions about your assets, healthcare
during your last days and even funeral arrangements.
Why Is Making a Will Important?
A Will serves as a legally binding document that gives you
control of what happens and what doesn’t happen to your estate. This
is the last gift you will leave your family or loved ones. It makes the
management of your assets clear as well as makes the process light-years easier
on everyone involved. If you don’t have a Will in place when you die, there is
no guarantee your wishes will be followed.
Let me tell you a brief story to illustrate this point.
An unmarried couple had been living together for many years. The couple had aged and were beginning to
have health problems. They thought about
having Wills prepared so that the assets they had accumulated over the years
could be left to each other. The couple met with an attorney. The attorney
prepared the Will and estate documents, but the couple never went back to sign
the documents. The man became suddenly ill and died without signing the
documents. Since the couple was not married, the assets were in the man’s name
only, and the Will documents had never been signed, the man’s estranged
siblings swooped in and left the woman with nothing.
We include other documents in our Will Package such as the
Living Will and Healthcare Surrogate, Durable Power of Attorney, Designation of
Preneed Guardian and Memorandum of Tangible Personal Property in addition to
the actual Living Will and Testament. These additional documents make very
important decisions like giving them access to your accounts for closure,
turning off utilities to your house, determining your healthcare wishes in the
event that your unable to speak for yourself (such as being in a coma),
assigning personal items to specific people (stamp collections, jewelry, family
heirlooms, etc.) and more.
What
Does a Last Will and Testament Cover?
When making a Will, you decide who stands to inherit your
property, finances and investments after you’re gone. A Will also finalizes
your last charitable gifts. It provides a fantastic opportunity to leave a
donation to your church or favorite philanthropic organization.
Additionally, it makes your wishes known about who you want to
take care of your children (if they are minors) upon your death. You can make
sure your kids are raised by the people who you actually want to raise
them. If you haven’t made a Will, decisions like this can land in the hands of
the State.
What
Does a Will Not Cover?
Your Will won’t cover any accounts that have a named
beneficiary, such as a 401(k) or an IRA, life insurance, or payable on death
bank accounts. Those will be transferred to the beneficiary you name in the
documentation.
Will
Preparation
Call The Law Office of Pamela J. Helton today to talk with an attorney at our firm to discuss your options.
We're here to answer any questions you may have.
Regardless of how you do it or who does it,
making a Will is something you need to do—no matter what stage of life you’re
in. The truth is, we are all going to die someday, so why not go with
peace of mind? This is a final gift to your family. Leave a legacy you want
to be remembered by.
[1]
Jeffery Jones, Gallup Politics dated May 18, 2016, (http://news.gallup.com/poll/191651/majority-not.aspx)
