Living Will

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I know this is a morbid topic which none of us really want to discuss about our immortality especially while we are alive today.  Do we really need a Will?  The fact is at one point we will kick the bucket and if you do not care about your assets after you die, then you really don’t need one.  Just note that not having a Will, the government will decide your estate.

If you don't have a Will, then the government will decide who gets what. In most cases, the surviving spouse inherits the first $200,000 of an estate and the rest would be split between living parents and children.

A Will is the most basic element of an estate plan that will ensure your assets are passed to your loved ones with minimal grief.  The benefit of having a Will is that it puts your estate in order from the moment of your death.  It allows you to pick and decide who will be the executor of your estate.  The executor job is to administer and makes sure that whatever you decided upon happens.  That person will also be responsible for paying final taxes and debts, dividing property and shutting down accounts. Usually, people choose a trusted friend or relative.

Choosing two Power Of Attorney (also known as POA) to your estate will alleviate the situation if you become unable to take care of yourself.  One will take care of your health care needs while the other will take care of your finances.  The health-care POA will make decisions on any surgeries, treatments and also whether to resuscitate, harvest your organs or pull the plug on life support.  They pretty much act like an executor but only when you are incapacitated.   

A Will also protects your family’s future. Having assign guardianship for the custody of your children should give you a great peace of mind. You don’t want the courts to decide where your children go which is never a pleasant thought.  Choosing a relative or friend you trust if they are under the age of 18.
 
With a Will, it allows you to also decide and allows family’s, organizations, charities to benefit and inherit what they are to inherit.  All this is possible if a Will is in place.  Without it, it may not be possible. 

If you already have a Will in place, keep in mind that a Will needs to updated or reviewed as your family changes.  Whether it be a birth, death, divorce or a change to your economic status. 

Your age should be the last thing you consider when thinking about writing a Will. Whether your 20 or 100, single or married. It's just a good decision to ensure your assets are protected should anything happen to you.