Too Many Wills Creates Chaos

In my book Stop! What are you waiting for? Your Step-by-Step Guide to Estate Planning, I stressed the importance of shredding prior wills. Even though the new will revokes any prior will, finding the old one first could start a process in the wrong direction and create disharmony when the current will is found.

Apparently, there were 2 wills found for Gary Coleman and even some handwritten notes. The handwritten notes would not be a will if the will formalities were not followed.

You must handle your will as you handle your other business. Be organized and consistent. If your will is not maintained with your attorney, maintain it in a safe or safety deposit box. Why have unnecessary chaos, with a little planning while following best practices, you lessen the burden on your family and friends.

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Will To Go, please.

You often here me say that estate planning is for everyone, and it is. It is not only those who "think" they do not have assets worth protecting (what about your children, your home); but those with assets who fail to plan. Wealth, knowledge, expertise, education, etc. are not guarantees that folks have done what they need to do. The same applies to estate planning.

Some people have not taken the time to really review what they are worth and even those who do know, for all the reasons we have discussed (procrastination at the top) have not done their estate planning. New clients came to me with had an immediate need to at least have a will in place. With small children at home, they were leaving on a much needed vacation together without the children. So I said "Sure, I can do a will for you." It was not until they filled out the paper work that I realized what they needed was much more than a "simple will". With assets in excess of 10 million dollars, a "simple will" does not, in any way, cover their needs.

They are not alone in failing to realize how important it is to take the time (not when you are rushing to catch a flight or even on death's bed) to plan now. Leave your comments here or contact us at http://www.ythlaw.com/