Written by Tara Baker of Trust Estate Planning For New Families.
The scary truth is that most adults do not have a will. But having your estate plan prepared is not nearly as scary as it seems. A do-it-yourself Halloween costume is more frightening.
We all procrastinate – but throw a newborn and a toddler or two in the mix and anything that’s not about just getting through the day gets shoved aside. But let’s face it. Now that you’re the parent and the one in charge (hard to believe sometimes, I know) there are certain things that need to be done no matter how unpleasant they seem. Preparing your will, trust, and other estate planning documents is one of them.
If you haven’t gotten around to this task, though, you’re in good company. A recent study found that 60% of adults don’t have a will. Here some common reasons why people put off this important decision – and the reasons why you shouldn’t put it off any longer:
You Think You Need to be “Wealthy” to Need a Will.
Even if you don’t have millions in the bank, you still want to decide who the guardian of your children would be and where your property would go upon your death. Setting up a will and trust allows you to make these important decisions.
Really Don’t Want to Think About It.
No one wants to think about this. You’re not wrong there. But it’s better that you think about it now than a court make these decisions later. Remember, you’re the responsible adult here (take a deep breath and pour yourself a glass of wine if you need to.)
You Don’t Know What Happens When You Don’t Have a Will.
If you don’t have a will, state statute essentially makes one for you. In Illinois, half of your assets would go to your spouse, and half to your children. That’s probably not the result you’re looking for.
You’re Dreading Having this Discussion with Your Spouse.
It can be daunting to decide who will take care of your kids if you can’t. And maybe even a little awkward to bring it up. But it’s better for the two of you to make those tough calls now – even if it means one of you has to sleep on the couch for a night – instead of the decision being made without your input.
You Think It Will Take Too Much Effort to Get This Done.
Trust – Estate Planning for New Families makes the process as simple as possible. A few phone calls (evening appointments available), filling out a few forms (all can be done electronically from your smart phone or ipad), and one in–person meeting (feel free to bring your kids!) and you’re done. It takes more effort to pack up your kids for a day at the pool. Literally.
No matter what your reason for putting off this important task, getting it done feels incredible. To learn more about having your estate planning documents prepared in a family friendly setting and to schedule an initial consultation, visit Trust’s website: