A Will… How Important Is It?
September 25, 2008
I read mysteries and science fiction, and am not much up on the classics, but one of the books I have read, that has always resonated with me is the aptly named Charles Dickens novel, Bleak House.
A major theme in the novel is that members of a family are quarreling over the disposition of an estate, and because the individuals can’t settle it amicably they get lawyers involved. After twenty years of litigation, the case is settled… but there is no money left because it all went in lawyer fees.
There are similar cases in real life, of course – many involving extremely wealthy people that make the headlines, but also smaller, intime tragedies caused by just a few thousand dollars or a single antique or treasured item that two or more people fight over.
A lot of pain, anxiety…and indeed, money, can be saved if you – and your spouse, and indeed, any family member once they’ve reached the age where they’ve got a full-time job and are making money – should have a will.
According to a survey by a company called FindLaw, admittedly taken 5 years ago (2003):
The latest annual survey by the legal Web site FindLaw (www.findlaw.com) found that 57 percent of Americans do not have a will, potentially leaving them without any say over issues involving their assets or care of any minor children after they die.
Only 41 percent of American adults currently have a will, a drop of three percentage points from a year ago. The percentage of Americans with wills increased slightly in 2002 – possibly because of changes to estate tax laws and the impact of terrorist attacks – but fell back again this year.
Of course, that percentage can be misleading. It is typically younger people, in their 20s and 30s, who don’t think about wills, as every young person knows they will live forever.
But quite a few seniors also don’t have wills, and this is a big mistake.
If you don’t leave a will, the state gets to decide who gets your stuff, from your money to your house, to the contents of your home. And they take a sizable chunk of change to probate your estate. (Much as a lawyer will do even if you have a will, admittedly…unless you establish a living trust, which frankly is the way to go.)
However, if you do have a will, you need to take some care about that as well. If you have family members who have sentimental attachments to various household items…family heirlooms, make sure they are listed by name in the will so that there can be no disputes.
Why don’t more people have a will? Several reasons, of course. One reason may be superstition. Having a will is so…final. But look at it this way. Having a will is final..the final key to your peace of mind.
Another essential key to your peace of mind is to have what’s called a “living will.” With a living will, you get to tell people what your wishes are regarding your treatment, if you’re no longer able to do so because you’ve been incapacitated for some reason.
Check out http://www.agingwithdignity.org/ to see their Five Wishes living will. This “Advanced Directive” – how you want to be treated medically if you can’t speak for yourself – is translated into twenty languages including Spanish, French, Hmong and more.
Reference
Fewer Americans Have Wills, Says New Survey by FindLaw
http://company.findlaw.com/pr/2003/092203.willsurvey.html
