Do you have a will?
 

Just wondering how many people actually have a will. I still haven't gone thru the process. It's not that big a deal in Washington state. Their probate laws are pretty easy. But I guess in some states it can be a real drawn out process if you die without one, for your kids.

It's a must here if you have kids. The law is such that if my wife and I were the die without one it would get real messy if we didn't have one to say who would take care of the kids, and what would happen to our assets. Also, we had to include a living will section to declare our wishes should we be incapable of making decisions. Without that the desion making process would be made by gov't agencies for us.

Estate planning and a review of insurance coverages (life & casualty) is a good "new year" project. For those with wills and insurance, it's a good time to review the documents and see if any adjustments need to be made. For those without, start planning.

Don't think that just because you're single means a will is a waste of time for you. Will provide surviors with instructions on how to handle things after you're gone, including funeral arrangements (want a big bash featuring Dave Mathews or a quiet scattering of ashes?) . . . Give estate to friends or family, or do you want it to go to charity, like the "MTI Mercedes Fund"? That alone will prevent disputes among your "loved ones" after you're gone. Specific gifts are only available through wills . . like who gets the Mercedes . . the Penthouse Forum collection . . . that jar of pennies you've been saving . . . the Jimmy Buffet T-Shirt . . . etc.

But more seriously, it allows you to choose who will be in charge of the estate by your selection of an administrator or executor. You might not want a stranger or even your kid brother handling the management of your stuff while it's being distributed.

For people with children, the need is obvious.

When my last parent, my dad, passed away 2 1/2 years ago, the only will my brother and I could ever find was one drawn up in about 1961 in California. The attorney we worked with said it was basically no good anymore, but that the laws in this state are easy to work with. We had no hitches at all. Only reason we would have needed one was if either of us decided to be difficult and contest what the other one got, which didn't happen.
The only reason this has come to my mind at all now, is my wifes' dad passed away the day after Christmas(bummer!). The family has been trying to get them to update their will for a couple years now. Their mother lives in Las Vegas, and owns homes in 3 states, with a pending sale on one of them. That'll be a real mess to take care of if she passes away without a will.

My condolences, Rick!

I don’t have a Will but have heard they are vital unless you want the State to take most of your stuff....

If you have a large estate (over a $1M) then a will that incorporates a trust is the basic way to minimize the impact of local and federal estate taxes (remember the "death tax" isn't completely dead and has a "ressurection" clause) in the future. The great thing about a trust is that the money can continue to provide a managed benefit over a very long time, the legal time limit being "a life in being at the time of death, plus 21 years."