Until a year ago I never thought of myself needing a "Last Will and Testament." No, I did not have a near-death experience, I just had a visit with a financial planner.
My husband and I do not have much as far as worldly possessions are concerned, so it didn't occur to me that we needed to actually have a will. Our wise financial planner,
Rodney Jacobs, explained the benefits of having all our financial and legal affairs in order now to make life easier for our children and other family members we will leave behind.
You may be wondering why I am writing about this when my primary audience is small business owners. Every small business owner has a personal life. Not only do business owners need to have their personal financial and legal affairs in order, they also need to have their business financial and legal affairs in order.
Here are a few affairs to think about:
1) Get a lawyer
2) Get a legal Last Will and Testament
3) Get a Living Will and Healthcare Power of Attorney
4) Set up a trust for your children
Get a lawyer. Not only does it sound impressive to say "Let me talk to my attorney and get back to you...", but having an attorney can be very handy on a moment's notice. Last year I was dealing with an unfortunate situation involving a major rental car company. They took some of my money unjustly, and I wanted it back. So, I told the company that I was going to call my attorney. I had my money back within a week.
Attorney fees are expensive, right? They do not have to be. Again, at the sage suggestion of our financial planner, we started using a service called "
Pre-paid Legal Services." This is a very simple and affordable legal solution. There is a monthly fee (We pay about $27) that gives access to a major law firm in your state. We live in Indiana, so our law firm is "
O'Koon Hintermeister, PLLC," based out of Indianapolis. If we have a legal question or issue, all we have to do is call up the law firm and give the receptionist our membership number and a brief description of why we are calling. Without fail, an attorney from the firm calls us back within 8 business hours.
If you have even thought of writing a Will, you may know that it is not generally cheap to have a Will drawn up through legal measures. You can expect to pay around $500 for two Wills. With Pre-paid Legal, the process is much more affordable. If you start the Will procurement process during the first six months of your membership, then both your Will and your spouse's will be free. You pay no lawyer fees at all. If the six-month period lapses however, your Will is free and your spouse's is only $20. Unimaginable! Check into it
Get a legal Last Will and Testament. If you are a parent, it is essential to understand that if you do not have a Will, the state has one for you. It may not be what you want for your children because the state and the court will decide where your children and your assets will go.
Another reason to get a Will is to make it easier for any family that will be left beind once you are gone. I have heard many horror stories of sibling fights that happen once both parents are gone. You can eliminate this possibility by creating a specific Will.
Get a Living Will and Healthcare Power of Attorney. Although we do not like to think about it, there is a possibility that we may need someone else to make our healthcare wishes made know. If we want that person to be someone who knows us, then we need to create a
Healthcare Power of Attorney and a
Living Will. I have included helpful links that explain the difference between the two documents.
Set up a trust for your children. This is another delicate issue. A trust can allow you to manage how your beneficiaries can spend the money you leave to them. For other reasons for creating a trust, click
here.
Although estate planning is not the most enthralling topic, it is one that is better managed while we are living than when we are dead. I encourage you to complete these four steps to get your affairs in order and remember there is no such thing as luck!