“The fear of death follows from the fear of life. A man who lives fully is prepared to die at any time.” — Mark Twain

FuneralOur neighbor, Betty died recently. She was a lovely woman and reminded us of an aging Hollywood starlet. She was in her eighties, never had any children and was widowed several years ago. Unfortunately, she had been sick for over a year and her executor (a former neighbor) had arranged for round-the-clock health care to be provided in her home.

Jeanine and I were impressed that 1. She had the means to stay in her home and pay for long term care, and 2. She obviously planned for her death while she was still healthy. We also have bets on if the gay nephew will get the house. I’m sure Betty had it all worked out. She seemed organized about her affairs.

I’m always shocked though when I hear of people dying without a will. It happens more than you might think. This is called dying intestate. According to MyLawyer.com, “If you die intestate, it means that you die without having executed a valid will.”

What happens to your property if you die without a will? “When this happens, your belongings are distributed to your ‘heirs,’ as defined by your state’s law, and in shares pursuant to your state’s law. Basically, the state will decide who gets your property, without any regard as to your feelings toward family members, nor any special relationships you may have formed outside of your family. The law assumes, sometimes incorrectly, that you would have devised everything to your family. You have no control over the disposition of your property, so if you care about who owns your property, have a will prepared before you die.”

Recently, an attorney, Kurt R. Nilson created the first interactive program that shows how different states distribute the property of those who don’t have a will. You can find these at MyStateWill.com. The LGBT community might be particularly interested because few states have intestate provisions for relationships established outside of marriage.

Nilson writes, “Have you ever wondered what happens to your property if you die without a Will? Some common misconceptions include everything being given to the surviving spouse or to charity. In reality, much of the answer depends upon where you permanently reside at the time of death and which of your family members are living.”

“Every state has its own laws that determine who will own the property of every intestate decedent. It is important to understand that these individual state Intestacy Laws apply to every person. With each state having its own unique laws, generalized statements about the process are frequently inaccurate. The complexity of these laws also makes written examples difficult to understand, as well as inapplicable to most people. Although these laws apply to everyone, it is incredibly difficult to find real examples of how they are applied.”

The importance of preparing a will cannot be emphasized enough. Do you need an attorney to prepare a will? Well, legally no, but practically speaking, yes. 360 Degrees of Financial Literacy explains it this way, “A will does not need to be prepared by an attorney for it to be legally effective. A will that you draft yourself, or even a preprinted will form purchased in an office supply store, will be legally effective if you are of legal age in your state (i.e., 18), are mentally competent, and execute the will properly. This means the will must be acknowledged and signed by you in front of witnesses. The required number and age of the witnesses varies from state to state, though two witnesses who are at least age 18 is typical. In addition, the witnesses should not be anyone who will benefit under your will. Some states also require that a will must be notarized to be legally effective.”

“However, most people feel uncomfortable with a do-it-yourself will. They generally have some questions that should be addressed by an experienced estate planning attorney. In addition, some people have more than just basic concerns or are in complex situations where drafting the will properly is vital. Legal assistance can help ensure that your intentions are clearly communicated and no questions exist at the time of your death. You should also seriously consider professional assistance if your personal situation includes concerns such as:

  • You have minor children, children from a prior marriage, or a beneficiary with special needs
  • You own significant assets and are concerned about minimizing estate taxes at your death
  • You want to achieve certain goals, such as controlling the management and distribution of your property after your death
  • You have heirs you wish to disinherit, or there is a chance your will may be contested after your death”

There isn’t any excuse. Wonder where to turn first. For $19.95 get your feet wet with Suze Orman’s Will & Trust Kit. I’m not a big fan of people hawking products like this over the Internet but she’s a reputable source and it will at least get you started with the four “must-have documents”:

  • Will
  • Revocable Trust
  • Financial Power of Attorney
  • Durable Power of Attorney for Health Care

But it’s always best to turn to the professionals for advice. Find yourself an experienced estate planning attorney and make arrangements. Betty took the time to do it. So should you!

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