Estate Planning

Where there's a will, there's a way to protect your loved ones
 
Published Wednesday, August 1, 2007 7:30 am

by Richard Kalina



Few things are easier to put off than writing a will. It's so easy, in fact, that about half of U.S. adults don't have one.

But this carelessness can cost your loved ones in the future. If you die without a will, a probate court will name an executor to distribute your assets. It could be a family member or a court administrator. The court will choose a guardian for your minor children. If two relatives fight over custody, any legal costs will come out of the money you intended to leave to your children.

The state in which you reside will decide how to divide your estate. And, not everything will necessarily go to your spouse. Your estate could be divided evenly among your spouse and your children, with your spouse having no access to the children's shares, even for household or living expenses. Or, in a few states, if you leave behind a spouse but no children, your parents may inherit as much as half of your estate.

Obviously, most people want to decide the distribution of their estates themselves. That's what wills are for especially today, with so many more non-traditional families. If you have been married more than once and have children by both marriages, if you have stepchildren or if you are unmarried but living with a companion, you especially need a will to help make sure your assets are dispersed as you wish.

Help in Preparing a Will

Preparing a will does not have to be complicated, but there are specific steps you must take to help make sure that your will holds up in court. Your safest bet is to seek the help of a qualified attorney, but you can cut attorney's costs by laying out the basics of your will yourself.

Along with your will, it's a good idea to make a list of all your bank accounts, investment accounts, safe deposit boxes, insurance policies, pensions and the like, to help your executor administer your estate. Attach this list to your will and keep it up-to-date. Review your estate documents at least annually to make sure everything is accurate and valid. It's also important to reexamine these papers following any major life change, such as marriage, divorce, birth of a child or relocation to a new state (where your existing will may not be valid).

Richard Kalina has been part of the financial services industry since 1981. Rich leads the Wealth Planning Group at Benchmark Financial where he assists individuals and business professionals in the areas of wealth accumulation and protection. Contact him directly at 561.953.1498 or via email at richard.kalina@benchmarkfinancial.info. Richard Kalina of Benchmark Financial Services, LLC offers securities through AXA Advisors, LLC (member NASD, SIPC) 1290 Avenue of the Americas, New York, NY, 212-314-4600 and offers annuity and insurance products through an insurance brokerage, AXA Network, LLC and its subsidiaries. AXA Advisors and AXA Network are affiliated companies. Benchmark Financial Services, LLC is not owned or operated by AXA Advisors or AXA Network.

AXA Advisors, LLC does not provide legal or tax advice. Please be advised that this document is not intended as a legal or tax advice. Accordingly, any tax information provided in this document is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of avoiding penalties that may be imposed on the taxpayer. The tax information was written to support the promotion or marketing of the transaction(s) or matter(s) addressed and you should seek advice based on your particular circumstances from an independent tax advisor.

GE-35961 (07/06)(Exp. 07/08)


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