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Posts tagged ‘family estate planning’

UltimateMama is always amazed when one of her intelligent, educated, sophisticated friends tells her they have not yet completed their will.  If you have children, a will is a must. 

Do not procrastinate by thinking that a will is an uncomfortable topic and one that you are too young to deal with at this stage of the game.  Creating a will is the most selfless thing you can do for your family and it will be extremely helpful should anything terrible happen to you (or your partner). 

Run to your lawyer and draft a will today.  If you do not have an attorney then get a recommendation from a friend or ask your accountant for a referral. You can even go online and do a search to find a lawyer close to your home. 

Think about the following when drafting a will:

– will you do a living will for yourself and your spouse?

– who are a few people you and your partner comfortable leaving your children with in case anything happens to both of you? (ask them first!!)

– who is in charge of executing the will? who will be the executor of your estate?

– who is in charge of dividing your finances or trust? (please make sure your assets as well as finances are in order, create a spreadsheet or folders and let someone you trust know where to find all of your accounts, insurance statements, valuables, art work, jewelry, etc.)

– will your children have trust funds?  if so, what age can they retrieve the money?

– who should make medical decisions for you if you cannot make them yourself?

After your will is completed make sure those mentioned and all beneficiaries in the will either have copies of the will or know where to find them.

Also, re-visit your will every year and make appropriate changes as needed. 

Trust UltimateMama, you will be able to sleep better at night knowing that your family is protected in the event of a tragedy.