The following is a reprint of an article first appearing in the Flint Journal on Monday, September 17, 2007
WHERE THERE’S A WILL THERE’S A WAY
By
Jamie Kelly
Flint Journal
The topic of
wills is not commonplace conversation in many homes. After
all, since wills bring to mind your own mortality, usually
you do not look forward to talking about them or going
about creating one.
Attorney Sean O’Bryan meets with the family of
someone who recently died at least 50 times each year.
“The families come to me, often in shock,” said
O’Bryan. “The deceased person had three choices
on how to leave their affairs: a will, a trust, or nothing
at all. More than half never sign a will or trust.”
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“It
takes less time to get a will done than to go see a movie.
Yet so many people just don’t make this step as
important as they should,” said Attorney Sean
O’Bryan.
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The result, he added, can be catastrophic for the
survivors. Often times, especially in this day of blended,
non-traditional families, people are inadvertently
disinherited. Also important to consider is that leaving an
inheritance (without a trust) to an 18 year-old is often
worse than leaving nothing at all.
“It takes less time to get a will done than to go see
a movie. Yet so many people just don’t make this step
as important as they should,” said O’Bryan.
For some, wills are not discussed because of the
misconception that they’re something to do when you
get older. But because death can occur at any time in you
life, it is important to have a will in place to clarify
your intentions. Even though most people know a will is a
good thing to have, in the United States, only 70 percent
of the population actually has one, according to a survey
by Nolo.com, an online resource.
Legally, wills can be created by anyone of sound mind age
18 or older. Each state may also pose its own restrictions.
It doesn’t matter how much money you have, how many
valuable possessions, etc., wills are the simplest way to
make sure your assets and possessions are distributed after
your death in the way you see fit.
WILLS
FOR YOUNG COUPLES
If you have children, wills are particularly important. A
guardian can be named for your children in the event that
you and your spouse are both unable to care for them. By
default, a parent is given custody of a child when the
other parent dies. However, if the surviving parent is
incapable or unwilling to care for the child, a guardian
will be needed. Without a will, the state will determine
who will become the child’s guardian – a person
whom you may not see fit. Therefore, create a will if for
nothing else than having a way to secure your child’s
future. Remember, however, to discuss guardianship with
your potential choices to ensure that these people are able
and willing to assume the responsibility.
MAIN
COMPONENTS OF A WILL
Wills often contain other information besides guardianship,
which is not limited to, but can include, the following:
- A brief description of your assets and how they should be divided.
- The names of beneficiaries and alternate beneficiaries in the event a beneficiary dies before you do.
- Specific gifts you’d like to make to individuals, such as the gift of a home or vehicle.
- A named executor (someone who will carry out the terms of your will).
- Alternate guardians for your children, in the event the first choices have become unable to act.
Note: A living will is not part of your will. It is a separate document in which you
specify what care you would like to receive should you become terminally ill or unconscious. It will become effective at the time you are no longer able to make sound decisions about your care.
WILL PREPARATION AND STORAGE
Making a will requires a little research and preparation. List all of your assets to know what you’re dealing with. Then also consider your debts. You may want to tie up debts. Debts may be paid out of your estate prior to any assets being distributed to family members. Remember to be extremely clear when naming beneficiaries, so there will be no confusion when your will is executed. Where possible, use full names and the person’s relationship to you, so the will won’t be contested.
While a will needn’t necessarily be drawn up by an attorney, it could help make matters easier.
“I once tried to install a paver patio behind our house with a do-it-yourself kit,” said O’Bryan. “After making a mess of it, my wife made me hire a professional. He charged me even more than if I had called him in the first place, because he had to clean up my mess first. With a will, there are no second chances.”
According to O’Bryan, it is imperative to select a lawyer who specializes in estate planning. “Taxes, long term care issues, special needs children and second families are just a few of the complexities that require you to seek out someone qualified,” he said. “You wouldn’t go to a dentist for heart surgery.”
Wills should be amended or updated every time a child is born, you change residences, you get remarried, or when any major change in your assets occurs. A will can be amended but, typically, a new one is just drawn up, superseding the old one.
The original copy of your will should be stored in a safe place where it can be readily accessed at the time of your death. If you have an attorney draw up the will, he or she should be given record of where the original is held. You can store it in a safe-deposit box, but some states seal the box up upon your death, so this may not be the best option. If you name a trust company as your executor, the trust will safely hold onto your will until it’s needed.
Although the end of your life is not something you’ll want to dwell on, knowing that your wishes will be carried our in the way you see fit can give you peace of mind.
A good estate planning lawyer will send you a packet of information that includes forms and a list of things to bring to a first appointment. “I would encourage everyone to take the first step and get a plan started,” said O’Bryan. “This is such an important gift to leave your family.”