Planning for the stuff of life: Estate planning in the modern age
Think about the last time you moved. You probably thought you had a handle on the number of boxes you needed or the number of trips it was going to take to move everything. But as we all know, almost always you underestimate and the process is a lot harder than you expected. Why? Because you had more stuff and more stuff to deal with than you realized.
When you die, there are a lot of complications when dealing with your “stuff.” What happens to your car? Your computer? Your dog? Your grandmother’s china? Your favorite tie?
Having a plan in place can help answer these questions as well as the harder questions like how to pay off any debt you may leave behind or who takes care of your kids if your spouse is also gone.
Your stuff is what makes up your “estate.” So, when you hear the term “estate planner” that means that person’s job is to help you create a plan for dealing with the stuff you leave behind. They should be able to walk you through a variety of issues you may not think about. For example, in the digital age, your computer could be a virtual landmine of information, both good and unpleasant. You may not want to leave that to just any family member. Having a plan in place makes sure that sensitive information on your laptop would be protected or destroyed after your death.
If you don’t have a plan in place when you die, your stuff will pass by intestacy. What that means is you died without a will. Most states have your stuff going to your surviving spouse, your kids, and possibly your parents, depending on who is still alive when you die. If you don’t have a spouse when you die, then your stuff would go to your children, your parents, your siblings, and then your nieces and nephews, and then even possibly your grandparents. While that may work well for most people there are issues with who is eligible to get your stuff or what stuff each person would actually get.
For example, if you are one of the 16.3 million American couples who are cohabitating, your partner would not receive anything if you were to die without a plan. Also, if you have stepchildren, they would not receive anything if you died without a plan. Instead, your stuff would go to a family member. Also, if you wanted a certain item, like a class ring, to go to a beloved niece, without a plan there is no way to guarantee that your niece would get that ring. With that also comes the responsibility of your stuff. You may not want your toddler son to get your grandmother’s china right away.
When putting together a plan, typically a will, there will be formalities like what needs to be included, when you can make your will, and who and what needs to be done to make sure the will is valid. The cool thing about a will is that the will can be as complex or simple as possible. That being said, that’s not to say writing a will is simple. Frankly, there are some formalities about a will that make it easy for the average person to mess up. That can lead to expensive court time and a lot of family tension. It’s best to use an experienced attorney to make sure your will is right and your plan is followed exactly like you wanted it. Also, if you’re leaving behind money or important items to minors, an attorney can help you set up a trust so those minors can get your stuff when it’s a more appropriate time.
The Takeaway:
Having a plan in place for what happens to your stuff when you die can make it easier for your family and loved ones. Your plan can be as simple or complex as you want but you should use an experienced attorney to make sure your plan doesn’t cause any complications or heartache.
– The Business Team
Scott | Josh | Jeremy
The Allen Firm, PC
181 S. Graham Street | Stephenville, Texas 76401
Ph: 254.965.3185 | Fax: 254.965.6539
The Allen Firm, PC is composed of a team of attorneys located in Stephenville, Texas. Our mission is to improve people’s lives by providing reliable and practical help with their legal matters while operating under our values of honoring people, operating with integrity and striving for excellence. We offer help in forming businesses or companies, estate planning, lawsuits, real estate, probate, oil and gas, collections, agriculture, bankruptcy, family law, and accident and injuries.