You Need a Will

Here's my semi-annual reminder that you need a will:

Many people think wills are just for people who are rich, old, own property, are married or have children. But even if none of those applies to you -- in fact, even if you're flat broke -- you still need a plan.

Drawing up a simple plan can be one of the best gifts you can give to your family and friends. Without it, your spouse, parents, partner or other loved ones could spend countless hours and dollars battling courts and each other to carry out what they think you would have wanted in the event of your death or a medical situation.

There are two main areas of estate planning with which you need to concern yourself. The first is a standard will that gives instructions for how your assets are to be handled and distributed after your death. The second is a plan that details your wishes in the event you are alive but unable to make financial or medical decisions for yourself.

Do yourself, your family, and your friends a favor and get a will today. If you already have one but it needs to be updated (like mine), please do that as well. It's relatively simple and not that expensive (can be only $100 or so for a simple will), yet provides a whole host of benefits to those you leave behind.

For my past thoughts on wills, see these links:

• Do Yourself (and Your Family) a Favor: Read This, then Do Something About It

• Benefits of a Will

• How to Choose a Guardian for Your Children

• How to Write a Good Will

Comments

[Danny]

Do you know where we can get a will for free?
(something good for recent college graduates, little asset, some debt)

[David]

Thank you for the reminder! I keep putting this off, and the more I get reminded the closer I get to actually doing it. I am sure my wife will be happy I was reminded again!