Several weeks ago, we shared the shocking news that yes, even TotalThriver members will one day face their mortality. Since death is one day closer today than it was yesterday, we highlighted the importance of getting good life insurance in place.
Today, we’ll explore another aspect of financial planning related to caring for your loved ones after you are gone: estate planning.
I’ll get to it tomorrow…..
Though not always the most glamorous or delightful topic, getting a will in place is a vital part of any good financial plan. Even though we all know that death will catch us some day, we seem to be in denial that that day is actually coming. According to a recent survey conducted by findlaw.com, nearly 60% of American adults do not have a will (http://commonlaw.findlaw.com/2008/06/findlaw-survey.html)
Obviously, getting your will in order doesn’t benefit you–you’ve got to be dead to use it! But it does provide great benefit to your family and other loved ones. Some people think that drafting a will for themself is unnecessary, because, “of course, everyone knows that I’d want to leave everything to _______.” The problem is that the one person who makes the call–the judge–doesn’t know you! So, the only way to make sure that your antique rifle collection goes to your son and not your crazy old hunting buddy is to write down your wishes. Otherwise, your son may have to spend thousands of dollars in court fighting for what’s rightfully his.
Get it done right
The best option for getting a will done properly is to consult with a local attorney who specializes in estate planning. If you live in the Omaha area, I can personally recommend Lynne Timmerman Fees, an experienced professional with great qualifications. Find out more about her practice here.
Although hiring a professional is the only way to be assured that your will is done properly, sometimes using generic forms can be a cheaper alternative. Places like uslegalforms.com can be a good stepping-stone for recent grads or families struggling financially who need to get a will in place but can’t afford an attorney right now. Of course, if this is you, just keep following us at TotalThriver and we’ll have you in a strong financial position in no time!
Demonstrate your love
In closing, although estate planning is not particularly glamorous, it is an essential part of your financial life. To ignore the fact that you need a will is to do a disservice to your loved ones, and create legal battles for your money and property in the months and years following your death. Won’t you take these steps today to love your family well? The small investment of time and money you’ll make today will pay large dividends when they’re needed most.