{"id":91,"date":"2009-11-10T22:11:00","date_gmt":"2009-11-10T22:11:00","guid":{"rendered":"http:\/\/stevendevtest.wordpress.com\/2009\/11\/10\/oh-my-you-dont-have-a-will"},"modified":"2009-11-10T22:11:00","modified_gmt":"2009-11-10T22:11:00","slug":"oh-my-you-dont-have-a-will","status":"publish","type":"post","link":"https:\/\/vhfinancialmanagement.com\/2009\/11\/10\/oh-my-you-dont-have-a-will","title":{"rendered":"Oh My, You Don't Have a Will!"},"content":{"rendered":"
Tweet<\/a><\/div>\n

Many folks that walk into my office for the first time don\u2019t have a will in place. Maybe I should rephrase that\u2026.the folks that walk into my office without a will they have created have a will as prepared by their state. Dying intestate (without a will) will move into action the state\u2019s plan, which more than likely will not coincide with your plans or wishes.<\/p>\n

Let\u2019s look at a few examples of what a state\u2019s will may include (or not include):<\/p>\n

Guardianship Provisions<\/strong><\/p>\n

Since most of my clients have minor children, let\u2019s start with guardianship provisions. While the state will try to get the children where they belong, if the relatives cannot agree, the state can appoint someone. Guess what? That someone can be a stranger! Guardianship provisions should be the primary focus of young couples with children. It\u2019s important that you designate a guardian and not leave that up to the state. Don\u2019t let the care of your children become a bureaucratic decision.<\/p>\n

Estate Tax Reduction<\/strong><\/p>\n

Your state will more than likely forgo any opportunity to lower estate taxes. There are estate planning techniques that may reduce estate taxes, but the state may not implement any options unless stated in a legal document (will). In essence, the state will say that your money is better off going into the state or federal coffers and not to your spouse, children, or charity.<\/p>\n

Division of your assets<\/strong><\/p>\n

Here in TN, the state may give your spouse only one-third of your assets and your children the remaining two-thirds. The state can appoint your spouse as the legal guardian of your minor children but may require a performance bond to guarantee the proper handling of the children\u2019s assets. The living spouse may also have to produce a yearly account to the probate court of the monies spent on the children. These details will only compound a difficult situation (death) by making a simple task (spending money on your children) complicated and burdensome.<\/p>\n

These are a few of the issues that can arise out of intestate death. The over-riding theme here is that while the state will try to do what is right with your children and assets, the letter of the state\u2019s law may not be your wishes. If you have a will, make sure it conveys your wishes. If you do not have a will, speak with an attorney and have one drafted.<\/p>\n

Disclosure: Troy Von Haefen is not an attorney and the above information does not constitute legal advice or the practice of law but is written for informational purposes only. <\/strong><\/p>\n

<\/div>