This blog contains a summary of information obtained from laws, and legal publications and should not be viewed or relied upon as legal advice. Michelle-Shari Kruss, Attorney at Law, urges readers of this memorandum to consult legal counsel regarding specific legal issues and factual circumstances.
You probably have one of those “need to do eventually but not today” lists residing somewhere in your brain. Eat more salad. Write in your son or daughter’s baby journal. Update your photo album. Take a walk everyday. The possibilities of a new year always seem to inspire those infamous resolutions But before you get carried away with next year’s list, please think about penciling in “write or update a will” at the top?
Reason # 1: Your children
First and foremost, think about your kids. You’ve made a lifelong commitment to love and nurture them, but if you haven’t made provision for their guardianship upon your death, then the courts and the law will make that decision for you. Do you want the determination of your son or daughter’s care and who will assist with helping them make choices as they mature entrusted to the legal system? If not, then for no other reason, PLEASE CONSIDER writing a will.
Reason # 2: Your assets
Second, you need to know that without a will, your assets will be divided up without any input from you. The probate court will use a pre-determined legal formula to decide who gets what and how much they receive. Don’t leave your money’s fate to chance. Take control of what happens with your estate by getting your estate planning documents done as soon as possible! You also have minor children. It’s extremely important to place your estate in trust for them rather then jeopardizing that the nest egg you are leaving them will be spent unwisely or given outright to your children at much too early of an age.
Reason # 3: The Estate Taxes
Estate taxes may take away a sizable portion of the money you leave behind! Both the federal and state government may request a piece of your estate, and when your estate ends up in probate court because you didn’t leave a will, the amount taken out will be even higher because of legal fees. Though you can’t totally avoid the taxes, you can minimize them significantly by putting directions in your will.
Get Started!
Now you know just three (When we get together for your initial appointment I will share so many more) of the important reasons why you need a will. I absolutely understand. We are busy. Between business meetings, daily to-do(s), school functions, the kid’s activities, and other such events that make up our overly busy lives, we wait until some unrealistic “convenient” time appears on our schedule. Don’t let yourself make this mistake in 2012. Please put “will writing” at the top of that list. Trust me. Your will is more than just a piece of paper. It is a valuable gift to your family.
Updating Estate Planning Documents:
If you did do some drafting in 2011 CONGRATULATIONS. But please remember to continually review your documents and make sure….
• Do you still wish to have your estate distributed as you had previously decided?
• Do you want to keep the same Personal Representative? Trustees? Beneficiaries? Perhaps there’s a new charity or religious group with which you’ve become involved—do you want to include them in your will?
• Has the worth of your assets changed? It might make sense to take another look at your property and other assets, especially as we emerge from a recessionary economic climate.
• If you had designated a process for minor children, are those children still considered minors? Are you happy with the arrangement you previously or initially determined?
• Do you want to change your Agent in your Durable Power of Attorney
• Now that the kids are a little older do you want to add some language about how you would like them raised or wishes you have for their education?
• Do you want to explain to the courts why you chose who you did for the various appointments and why you did not choose other family members or friends?
• Do you now have pets? If you have recently added a furry creature to your family, you might want to add Patchkins or Peekachoo to your will.
The only way to ensure your wishes are carried out is to write a will and keep it up-to-date.
Please do let me know if I can be of any assistance. I’m always here to help.
As always, if you have any questions, please feel free to contact me directly anytime.
My husband and I worked with Michelle-Shari to create wills and supporting documents. She was an absolute delight – knowledgeable, friendly, accessible, forthcoming, and helpful. She didn’t charge us and was patient when we asked many, many follow up questions, guided us thoughtfully through the process, and made sure we understood all the documents. I highly recommend Michelle-Shari to all parents looking for estate services. You won’t be sorry.
I can’t believe we waited so long to make our Wills and Trusts, especially with my husband travelling so much for work. I’ve known Michelle-Shari for over 13 years, but I would use her services whether she was a friend or not. She is so patient and thorough, I feel confident that my family would be well taken care of should anything happen to either of us. The thought of making a Will can be scary, but the thought of not having one is even scarier! No matter what your family situation is, you need to have a Will, and you need to call Michelle-Shari to do it. Do it now!