Bankrate offers a list of the 10 commandments of personal finance that I'll be sharing with all of you as well as providing my thoughts on their selections. The commandment for today:
X. Thou shalt legally protect thyself and thy family
Whether you're single or married, you should have a will or trust. Actually, these documents are not for your benefit but for the benefit of your heirs. If you don't have a will or trust, it becomes a legal nightmare for them.
We're in the process of updating our wills (it's been far too long since we've done it.) And while most people do not have wills, almost everyone should have one. And if you're a parent, you HAVE to have one -- otherwise, you'll have people who know nothing about you (a judge) deciding who will get your kids in case of your untimely death.
For related thoughts on this topic from Free Money Finance, see these posts:
I just got married but have no kids. I probably will not get this done until I have kids but it is on my plans of things to do!
Posted by: moneyandpf | February 02, 2008 at 03:08 PM