What IF? Estate Planning 101

If you truly love your family, you will not bury your head in the sand like and ostrich and pretend you will never die. We are all terminal whether you actually have an illness presently or not. If you truly love your spouse, parents, and or children, please take the time to plan ahead so in the event of your death they will not have more stress trying to figure out how to take care of  finances and property you leave behind along with the grief they are experiencing.

I suggest you have a WHAT IF folder. Within the folder should be a list of all account with numbers, login and passwords along with notes on how you pay your bills (online bill pay, credit card, automatic withdrawal). The folder should contain a will naming who you would like to be the executor of your estate. This is very important for a couple of reasons. First of all it will alleviate some family disputes if there are any on who makes decisions regarding accounts and property. Making someone your executor in most cases gives the person the right to sell property or assets needed to settle the estate. I was shocked to learn that most accounts come with survivorship clauses, however property does not always. When having a will written, go to a lawyer you trust. REFRAIN from using on-line quick write wills, you may be surprised to find out from your probate court system that it is not valid. Also going to a lawyer affords you the advantage of having them check on all property deeds to make sure they were written correctly and thus preventing any hiccups in settling estate matters.

I know many couples who simply have not written a will because they cannot decide on who should be the guardian of their children. Some parents get so hung up on, “I just don’t think anyone would raise them like we do.” And you are exactly right! Consider who would provide a loving, nurturing, stable emotional environment for your kids; people that will have enough energy and resources to grow them to their full potential. Some families feel that telling Aunt Sarah you would like her to raise your kids if you were to ever die is enough. Please know that the courts have one obligation and that is to follow the law. Please take the time to have a will written so your family and the courts have no doubt what your intentions are.

If you have recently become a single parent and are going through the whole business of death yourself, securing new life insurance, new will, new guardians, etc., I personally know it is a long and overwhelming process. Just when you think you are finished and can close that chapter another account pops up that needs to be switched into your name. Sometimes you think to yourself will I ever be finished with all this paperwork? You may also be gripped by fear especially if you have kids. “My kids just lost one parents, God please don’t let anything happen to me.” God tells us over and over in his word NOT to be afraid. I know that is easier said than done. Prayerfully consider your Plan B, write your will for Plan B and pray to God you will never have to go to plan B and let your life rest in your loving Savior’s hands.