This is the first in a new series of estate planning “heir-ors” that I am going to bring to you. As of this writing, almost 2/3 of Americans do not have a basic will. One of the big reasons that most families do not yet have this kind of plan in place is because of some incorrect thinking about whether it is right for them or if it is even necessary.
I wanted to speak to some of the more common “heir-ors” out there. I’ll start with one of the big ones and address more in 2012.
Heir-or #1: Only Rich People Prepare Estate Plans
Do you own anything? If so, you need a will. You see, a will allows you to designate who will receive your property should anything happen to you. Continuing without one ensures that all of your assets will be distributed under the terms of your state’s “intestate succession” laws. That means your money and property could end up with family members you haven’t spoken to in years instead of who you’d really like to see control your assets. Failing to have a will in place is simply a decision to trust your assets to government bureaucrats who do not know you from Adam.
Do you have children? If so, you need a will. You will be able to name a guardian to take care of your children should you not be able to. Without having this guardian clause in a will you will not be able to take part in the decision making process and a judge will decide where your children will live and who with.
Even if you think your situation if pretty straightforward, you may feel more comfortable hiring an estate planning attorney to help guide you the process.
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