What happens to those you love if something happens to you?

What happens to those you love if something happens to you?

             I believe it is human nature to put off planning for our own death.  Regardless of age or health, most everyone believes deep down that it will never happen to them.  As unrealistic as this may be, many people never take the time to plan for their eventual passing.

             The result of this procrastination can be a real disaster for your family, and, in the end, can result in much more harm than good.  Regardless of your age, health, and assets, appropriate estate planning can make a big difference to those you leave behind.  In Washington State, if you die without a valid will, the division of your estate will be controlled by the intestacy statute.  Under this law, someone will likely have to be appointed the administrator of your estate, and, after all just debts are paid, the remainder will be paid out according to a scheme adopted by the legislature many years ago.  Your wishes will be ignored (the thinking is that if you didn’t care enough to make a will, you get what you get).

             There are a number of issues that need to be addressed when creating a will.  Do you have young people who may receive assets under your will?  Have you ensured that all significant assets are included in your estate?  Will the right people get what you want them to receive?  Are the right people in position to make important decisions, and to ensure that your last wishes are carried out?  Have you considered the tax implications to your estate?

             I have seen multi-million dollar estates with no will.  The tax hit was scary, and largely avoidable had he done a little advance planning.  I have seen young adults receive significant amounts of money, with no strings attached, and then seen their lives fall apart.  I have seen loved ones excluded from any share of an estate, simply because there was no prior planning.  You can easily ensure that your friends, family, and loved ones are taken care of by making sure that you do just a little advance planning.

             It is never fun to contemplate your death, but by showing some responsibility now you can save your loved ones from even more heartbreak later.  The process is really very simple – any estate planning attorney can walk you though the process.  You can usually find an attorney that will provide you with a free or low cost consultation, and, at a minimum, you will leave the meeting with a much better understanding of what you need to do to set your estate in order.

             Take an hour and do the right thing for those you will leave behind.  It’s simple, low stress, and you will feel better after it is done.