FAQs (Frequently Asked Questions) about Estate Planning
When I die, everything will
automatically go to my family anyway, right?
That depends. If you don't have will, state law will dictate who
inherits your property. Usually, your current spouse and children will
inherit, but the state law prescribes what percent of your estate goes
to your spouse and what percent goes to your children. You may wish to
provide otherwise. Also, if you have young children and something
happens to both you and your spouse, state law will be involved in
choosing who will have custody of your children. Most parents prefer to
choose the person or couple who will care for and bring up their
children in such an event. Writing your will is the way to choose the
guardians for your children and to provide how much of your
estate goes to whom. Back
to
index
For unmarried people, it is especially important to write a
will. When there are unmarried partners, even the state law does not
provide that the surviving partner inherits your property. In most
cases, the only way you can pass property to someone you care for but
to whom you are not married is through your
will.
Back
to index
I don't need a will, I'm not rich
enough.
Even the not-rich have some assets, and if you have children, it is
essential to have a will so that you may provide who will care for and
bring up your children if you die. And most people own some kind of
property -- a house, car, furniture, jewelry, art, collectibles. Some
of these may be family heirlooms, even if they aren't worth a lot of
money, and you would want to specify to whom those items should be
given. It is also kinder to your family and loved ones to leave
instructions, through a Will, Living Will, Advance Health Care
Directive, and Durable Power of Attorney, so that if an emergency comes
up, whether you are seriously ill or die, they will know how what your
wishes would be. Back
to
index
I don't like these morbid topics.
Most of us don't like to contemplate our death or serious illness.
Unfortunately, once an emergency happens, it's usually too late to do
much planning. Families and loved ones have enough to cope with in an
emergency without also having to wonder what is supposed to happen or
what you would have wanted to happen. You can gain your own peace of
mind as well as taking good care of your family and loved ones by
having a Will, Living Will, Advance Health Care Directive, and Durable
Power of Attorney. It's also a good idea to make a list of your
important documents, your bank and investment accounts, and your
professional advisors (accountant, broker, doctors, lawyers, etc.), so
that your loved ones will know whom to call on your
behalf. Back
to index
What information should I have to
start planning a will?
You will need the full names, addresses, ages and social security
numbers of your spouse and children and others to whom you want to
leave something, a list of your assets, any special facts that would
affect your planning. You may want to use a checklist
to help you gather the
information.
Back
to index