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Every other month or so, the subject of wills surfaces during my girl's night out group's conversations. We all agree we need to get our last wishes down on paper and make them official. We all have kids. In spite of this, of the five of us, only one has actually taken the steps to create a will. I have thought about it, talked to Dear Husband, talked to my parents, talked to friends, and, of course, researched it. However, I have never followed through – until now.
I finally realized what was stopping me from actually sitting down and drafting a will: the part about deciding who we want to raise our kids if (gulp) Dear Husband and I suddenly and prematurely depart from this world. I have not allowed myself to go into that dark corner of my brain. Ironically, that is also precisely the most important reason to have a will. It breaks my heart to imagine my children losing their parents, but the truth is if I love my kids (and I do, more than anything else on earth), I must force myself to think about this possibility. So, I recently called our dear friends and asked them if they would raise our boys if something should happen to us. I always thought that asking someone would feel so concrete, so final, so sad, as if I was as good as gone. It turns out, asking them was not that difficult to do. They are great friends, fabulous parents to their kids, and we trust them to raise our kids much in the way we are doing now, and I, in fact, feel a sense of peace about it.
As an attorney, I think it is important for every individual to have a last will and testament. However, for people with kids, especially minor children, it is paramount. Your will outlines how you will provide for your child(ren) when you are gone. A last will and testament is a legally-binding contract that outlines your last wishes to be carried out upon your death. A will gives you the power to make final and very important decisions regarding your estate, minor children and burial preferences.
Having a will saves money and time. If you die intestate (without a will), your property will be distributed by a judge according to the laws of the state in which you reside at the time of your death. If you have a minor child at the time of your death and the child has no living parent, the judge will also choose the guardian for your child and the trustee to manage the minor child's inheritance. To me, that is the biggest reason to have a will. A judge knows nothing about you, your kids or the best person to raise your kids. And quite honestly, the judge does not want to have to make this decision any more than you don't want him or her to have to do so.
Creating a will is actually a relatively simple process. You can certainly call an attorney or estate planner to create the documents. Of course, that will be the most expensive route, but also the most reliable, especially if you have special circumstances to consider. A friend who is a solo practitioner in Iowa, charges approximately $600 for a simple will and testamentary trust. Another option is to choose a preformatted will that can be downloaded and/or ordered from various online sources or any store that sells software. Preformatted options range in price from $20 to $150 depending on the services and the options chosen. Many banks and insurance companies offer estate planning services to their customers, as well. All options have you fill out a questionnaire to get started. The difference is that with an attorney or estate planner you get to discuss your information and wishes and ask the "what ifs".
Most of the information contained in a will is pretty straightforward. You will have to decide how you want your estate distributed, but if you have minor children you will probably want your entire estate, after debts and burial expenses are paid, to go into a trust to be distributed to your child. You have to choose an executor
