Thy Will Be Done
“Daddy, what happens when you die?” Yep, I got the question every God-fearing father wants to hear from his young son. And when it comes, it’s usually when you’re least expecting it. And of course, you pray that you’ll handle it as well as your father handled it and as well as his father before him. And not long ago, it happened to me. Just walking through the park one Saturday morning. As you can imagine, I’d been preparing for this talk for years. Not breaking his gaze, I knelt down, took his hands in mine and told him what we all know to be true:
“Well son, with a properly written will, your estate will be distributed in accordance with your wishes – not at the discretion of the state.”
And there it was, with the full weight of truth. He was so moved by my response, apparently, he could only manage an inquisitive, “Huh?” Bless his heart, I thought, he’s at a loss for words. As was I. It’s not every day someone asks about estate planning. But it should be. So now let me ask you, what’s going to happen when you die? Still not hitting home? How about this: Who will take care of your young children? What will happen to your assets? To whom will they go? Some of you are so sharp and so on top of things, you had the answers to these questions before you finished reading them. But let me be more specific, are those wishes recorded in your will? No? I had a boss once tell me, “I’m not interested in what you say you’re going to do, I’m interested in what you’ve done.” Write a will. It’s as close to having a voice after you’re gone as you’re going to have.
5 reasons why you should have your will in place:
- You get to decide who’ll take care of your children – or to put it another way – you decide who won’t. (OR…you could just forget about the will and leave it up to the court. After all, kids are resilient, I’m sure they’ll be fine.)
- You get to decide how your estate will be distributed. (OR…forget the will, save the money, and just let your family duke it out. It’ll be a nice distraction from the grief.)
- Because as life changes, so can your will. (Change your mind? Then change your will.)
- You diminish the chance for legal challenges. “But mama told me she wanted me to have the __________ .“ (Insert object of potential/likely family conflict here.)
- A will protects against a potentially lengthy probate process. Whether you have a will or not, your estate will go through the probate process. The will serves as your “instructions” to the court. (And we all know how well things turn out without instructions.)
There are several other reasons, too, ranging from possible estate tax implications to the naming of an Executor who will handle the affairs of your estate once you’re gone. But if you could get past the first two without a pain in the pit of your stomach, then none of the rest will likely mean anything to you. But if a chord was struck as you read this article, please look into it. It doesn’t have to be Shakespearean, but it will have to be signed. And that’s easier to do while you’re alive. And afterwards, when someone asks you what happens when you die, you’ll have two potentially great pieces of news for them.
Give us a call. We can help.
Billy McCarthy is a Wealth Manager with CapSouth Wealth Management in Dothan, Alabama.
Contact Billy at 334.673.8600 or http://capsouthwm.com/our-team/billy-mccarthy/
Investment advisory services are offered through CapSouth Partners, Inc., an independent Registered Investment Advisory firm, dba CapSouth Wealth Management. Nothing contained in this article is intended as, nor should be construed as, an individual investment recommendation.
