Legal Brief for January, 2010

Where There's a Will, There's a Way

This old saying of unknown origin is usually used to encourage someone to press on ahead, despite whatever obstacles may be in the person's road (quite often imparted by well meaning parents to their teenagers!).

However, I find that at this time of year it also figures into many people's thinking about their plans for the new year.   Early in my practice I noticed an interesting trend - I found myself doing an increased number of wills for people in the first couple of months of the year.   After several years of noticing this, and after talking to some of my clients about their decisions to get a will done, it became obvious that making a will often becomes part of New Year's Resolutions lists for people (as in "This year we just have to get to those wills done that we've been putting off forever.")  I wish I had a dollar for every time after a person has signed their will, they look at me and breathe a sigh of relief and say "I'm so glad that's finally done."

What are the benefits of having a will in place? There are many positive features.   It ensures that there will be an orderly administration of your estate, because you have appointed an executor who will be ready to step in immediately and start looking after your affairs.   If you have children under the age of 18, you will have the opportunity to appoint someone to become a guardian for the children.   Subject to certain laws, you have the ability to designate who you want to be your beneficiaries, and to custom tailor how you want your assets divided among those beneficiaries.   If you have children, you can designate at what age they would become entitled to receive their share of your estate, such as at 21 or 25 or some combination of ages.

And last, but not least, it makes things a "whole heck of a lot easier" for your family members who may be faced with the task of ensuring that your earthly possessions are properly and efficiently passed on to the next generation.

So, as the old t.v.  ad used to say (and I'm dating myself here), "why wait for spring, do it now".   Start the new year on a good note, and get one of those big "to do's" crossed off your list early.