Well, it may not be the greatest gift but it would very, very appreciated. If done properly, it is would likely help keep peace in the family. Do you have a will? Does it need updating? Most of us don’t look forward to dying so we really don’t want to think about a will. However, sooner or later we are all going to die.
Do to some recent experiences, I have realized the importance of having an attorney, one that is not going to benefit from your death, help you prepare your will. You should only trust an experienced practicing lawyer that is licensed to practice in the state you reside. Each state’s rules are somewhat different. There are certain nuances that the average person isn’t going to think about.
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Have you moved to a different state? Each state’s rules are different.
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If your kids are minors: If you list the beneficiaries on your life insurance and retirement accounts as an adult, do they know how you intend the money be used?
When I was single and my kids were little, I listed my Dad as the primary beneficiary because I knew he would look out for my kids. I didn’t think to leave instructions in a will explicitly reminding him that the money I would have left was to be used for the kids. I just assumed he would know that is what I wanted. Sometimes money brings out the worst in people….don’t make assumptions. (My Dad is great and I’m obviously still alive, so this isn’t referring to him.)
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Your kids are grown: Does your will reflect your current wishes? Some may be a little immature and you may want to compensate for that. Others may be extremely responsible. You may want to consider that.
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Do you have grandkids?
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Has your marital status changed?
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Have you purchased or acquired a home or other real estate? That needs to be considered. Without going into details, this CAN be significant.
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What about your pets? My kids are not horse people. They have joked they are going to open the gates and pretend that they didn’t know I had horses. In all seriousness, neither of my children are horse people. I need to make sure that the horses don’t end up at an auction. Granted, I was once able to adopt the most amazing cat that ended up at an animal shelter after her owner died.
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Is the executor of your choosing still competent? This is especially important if you stated this person doesn’t need to be bonded. Financial problems, substance abuse and criminal issues can rear it’s ugly head in even the most stable families.
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Has one or more of your intended beneficiaries passed on?
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Would you like any of your special “collections” donated to a specific charity or group?
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Has your thoughts about burial or cremation changed?
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If you are self-employed, what is going to happen to your business? If you are a small LLC or S Corp – who is going to fill your shoes?
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Consult a licensed attorney that has NO personal interest in your estate. If the person helping your prepare your will is an attorney or a paralegal that will get something after you have passed, DON’T allow them, their spouse or their good buddy to prepare your will. Kids and spouses don’t take kindly to getting cut out of wills. Save everyone the headache and get a totally objective, non-biased party to help you draft your will. (Note: Paralegals preparing wills are convinced that they are just “typing up” your wishes. Danger alert, danger alert especially if they will benefit directly or indirectly.)
Younger people….this post is especially applicable to you. It seems like people that die in their 70’s, 80’s and 90’s generally have their affairs in better order. In other words, my friend that I blogged about in January had his affairs in order. For his family’s sake, I want to ensure there is no confusion. He was a role model.
Please feel free to print this post and share it with one of your loved ones. I’m personally sending this to my amazing Dad that loves to joke what a mess he is going to leave behind.
Sincerely,
Sondra Meyer Peterson, CPA
Real Estate Photographer
Home Stager
Colorado Horse Property Specialist
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