lanning for your own inevitable demise is never an easy topic to think about. Unfortunately it is a topic that I need to bring up because I’m seeing more clients that are not securing their needs and wishes for their loved ones. My Pat Sgroi statistic is about 9 out of 10 of people who are raising a family with minors don’t have a will. This discussion needs to be had and a decision should be made for the sake of your family.
Four things to know about a Will
1. Distributing your Estate
You’ve worked hard your whole life for your possessions, why would you let the court decide how to distribute your assets? By having a will you’ll decide who can and cannot inherit your assets. Having a will also speeds up the probate process to insure your beneficiaries receive their inheritance with less hassle.
2. Name an Executor
This is the person who is designated to execute your plan. The executor will be there to assist in wrapping up your estate and tie up any lose ends that might not be specifically outlined in your will. Typically a spouse, adult child or trusted relative is named as the executor.
3. Name a Guardian
For any family that has minor children or dependents this might be the most important reason to start a will (also possibly the most difficult). A will is the only place to nominate a guardian to care for your children. If you don’t have a will, the court will have to make a decision.
4. Reviewing Your Will
Once you have prepared a will it is important to review it every one to three years. It may be possible that you will never need to update or you may update it regularly. The important thing is once you have one, it can be changed. Which is always better than never having one.
Listen to my interview with Clay Moden on 106.5FM WYRK talking about wills and additional important topics.
WEEKLY SEGMENT ON WYRK
You can catch our weekly Plan.Protect.Invest. segment live on WYRK 106.5FM at 7:20am every Wednesday. Each week we will have a Sgroi Financial planner on with Clay Moden and the WYRK morning show to discuss financial topics to educate and help their listeners.
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