When do you need a Will?
Updated: Sep 6, 2019
If you have children, then you need a basic Will. It always surprises me, when people I know confess that they have not taken steps to provide for future planning of their assets. I know. Not really a subject you want to bring up at a social occasion. Let's face it. Talking about death is not the best subject. But it is important to sit down with a professional attorney, and find out what your options are to provide for your family in case the inevitable happens.
Often, I will give my clients one or two examples of things they DON'T want to happen to their money if they pass away. (1) YOU DON'T WANT YOUR CHILDREN TO GET A TON OF $$$ WHEN THEY ARE 18 YEARS OLD. Usually I will give the real world example of a guy I knew in High School. He got a ton of money left to him during college, and blew it all on keg parties. Millions gone. Keg Parties. Too bad his parents did not have a Trustee to apportion such assets in a responsible manner for education expenses. Too bad his parent did not have a Pour over will or Trust. (2) YOU DO NOT WANT A BRITTANY SPEARS EXPERIENCE. Remember when Brittany Spears shaved her head, freaked out mentally, and her father took conservatorship of her financial assets. Thankfully she had good estate planners and financial attorneys who directed her father to take control of her money. Her father was able to enact his Power of Attorney, through advanced planning on her part. She had a Financial Power of Attorney document in place naming her father as her Power of Attorney. There are also Durable Medical Power of Attorney documents that I typically advise my Estate Planning clients to get. But you have to draft such documents before hand in advance of any incapacity. Therefore, it is imperitative to be proactive before any alzheimers, demensia, stroke, or coma sets in. Such documents are important for you to decide who can make medical treatment decisions for you, in case you become incapacitated.