Categories
Here Today, Gone Tomorrow
Nobody who passes away from an accident or sudden health event plans to be “gone tomorrow.” However, the reality is that every single one of us has the potential to be gone tomorrow, and often we will not even have the opportunity to say goodbye to the people in our lives that we love and others that we are close to.
But you have the opportunity in advance of being gone suddenly to, first and foremost, have enough life insurance to leave your family on a good financial foundation, and then actually decide in advance of your demise what your wishes are for loved ones and others you care about. This process is formally known as creating a Last Will and Testament. Your Last Will and Testament will allow you to direct who will benefit from whatever estate you happen to leave, and by including Final Wishes, you can provide comfort and guidance to loved ones by including personal letters, instructions for memorial services, etc.
I have seen too many friends die unexpectedly without having life insurance or a Will. In the immediate term, it puts loved ones who are often in a state of shock and grief in a position to have to rapidly make many decisions. In the following few years, estates can get tied up in court, with lawyers and a probate judge making decisions on your behalf, all while your loved ones are in a state of limbo as these matters work their way through the courts. And in the longer term, this lack of planning can often leave loved ones forced to literally fend for themselves.
You have the power to help this situation dramatically, even though you are no longer there to handle all of this yourself.
Do your loved ones two favors, in this order:
- Get life insurance in place.
- Start in earnest getting a Will in place.
Don’t think that your Will needs to be perfect—this will doom what is an already arduous process and frankly a little depressing. However, imagine how many more people than you will be under tremendous stress, and more than a little depressed about your sudden demise. Keep in mind, as you go through this process, that you can always go back and revise your Will over time, but not having one in place at all should not be an option.
The first step in setting up a Will is retaining a competent estate/tax attorney to get you started on this process, but more importantly, to get you over the finish line by signing your Will. Ideally, this attorney is someone located at a law firm that is in your community or in the closest major city that is in the same state you live in.
Get a Last Will and Testament in place today; it is a vital part of planning for the future.