In the past few weeks we've been hearing a lot about Wills, Guardianships, Trusts and Estates. Especially after the passing of high-profile individuals like Michael Jackson. It can be a pain on the family and the legacy that's trying to be created. For the majority of Americans, these terms are not personal enough-nearly two-thirds of adults do not have a Will, and most of us should, especially if you have children.
Whether it's taboo or a tight budget standing in the way, get your paperwork done even if it's only to protect your children and their future from landing in the hands of a state judge and subsequently family members who you never thought had the sense God gave a brick.
Your family lawyer, a community law center or a site like nolo.com or legalzoom.com can be a great place to start-costs can run from $3,500 to $50. First, make sure you have a will in which you can name guardians for your children and pets, and beneficiaries for your assets and property. I am not a lawyer, but I can assure that the most precious things in your life at this time should, at least, be addressed in your will.
A will is essential, as well as appointing a power of attorney. Then put together a living trust, also known as a revocable trust, which will allow you to transfer all your assets into a protected trust, keeping your business and your money out of probate court-which can be expensive-and public record.
Also consider a living will, which will speak for you should you become incapacitated and appoint a medical power of attorney. This can, further, devastate grieving families with differing opinions and God knows, you don't want anyone making decisions with your life that have an interest in your death.
In a 'plain-vanilla' situation, an intelligent person with no tax issues can go online and do a reasonable document that would be better than having no will at all but as life happens with second marriages, step children and special needs like family businesses, legal counsel may be necessary to ensure your 'will' be done!
