Wills, estate planning and other fun stuff
My slow climb to the “over the hill” club is moving faster. I still feel like I just came home from a week at Marshall Junior High, but it's my son who is creeping closer to that age. My aging and growing process has been a fun one. All these lines in my face are getting clearer and I know I'm not going to live forever.
So, what if I have an untimely death or become incapacitated due to an accident? Not the most pleasing thoughts, but it's not about me. It's about my family. Is my family properly protected? The answer today is no. I don't have a will, trust, heath care documents, or a power of attorney.
My wife and I sat through an estate planning presentation last week. It was eye opening. The “what if” scenarios played through my mind. Would they happen? Chances are slim. Will I get in a car accident? Chances are slim, but I have auto and health insurance for that “unforeseen event.”
In addition to a traditional will, there are so many other documents to consider. Contingent trust, revocable trust, DNR, HIPPA, durable and financial power of attorney and marital property agreement to name a few. My mind was spinning and my questions mounted. Thankfully, we had a wonderful and trusted person to answer our questions
I had three major takeaways from this presentation. One, a will is not for rich people. It's to protect any durable and non-durable goods you may have. The second is a will is not for me, but for the protection of our children. Who will raise our children and how can I protect the future financial stability of my children? The third takeaway was “a man who dies without a will has lawyers for his heirs.”
I've asked several friends and acquaintances if they have a will or other trusts or health documents this week. Not many had the documents or were considering getting them. I was surprised that I'm not alone.
Steve Knox was born, raised and landed back in Janesville. He encourages you to participate as he writes on Janesville and beyond as this Generation X guy supports his Janesville mission, global vision. Steve is a community blogger and is not a part of Janesville Gazette staff. His opinion is not necessarily that of the Janesville Gazette staff or management.
Mar 15, 2010 at 11:53 a.m.
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If you trust your spouse enough that they wont sell your car on you !), make sure title says OR. Other wise you have to buy your car from the dead spouse. Even though you already paid for it once! Does not make since to me since WI is 50/50!!!
Mar 13, 2010 at 5:15 p.m.
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Our estate presentation had that same warning -- that wills aren't for rich people only. My reaction was, who thinks that? And why?
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Wills and trusts are especially important now because people can go into long-term care situations and either lose all their assets or fail to have a process for administering assets. It's more important than ever for a family member to have immediate access to the will so leaving it tucked in a desk or safe deposit box for discovery "afterward" is also a bad idea.
Mar 13, 2010 at 10:48 a.m.
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We did ours a few years ago. I agree GET this done so probate doesn't decide things for you. all that other stuff is so important too!
Mar 13, 2010 at 10:35 a.m.
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"A Will"...don't leave home without it!
Mar 13, 2010 at 7:57 a.m.
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We have all the stuff.And check into POD for the money things...checking, saving, Cd's, etc. The bank put that (payable on death) thing on my dads affairs and we received the money right away and probate was not able to get their fingers into it. We have it on our acct's also.
Mar 13, 2010 at 7:11 a.m.
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We should talk
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