Well before I became an attorney I would often hear that very question as my family gathered for holidays. Along with the obligatory money hungry attorney joke, the consensus was that sitting down with an attorney to write up a will was a waste of time and money. Then at 75 my grandfather was rushed unconscious to the hospital. The doctors, another money hungry profession according to the family, said it did not look good (Ironically, years later as I prepared to enter college my parents advised me of my two career options- “Lawyer or doctor? Pick one!”)
Suddenly, my grandma, who spoke very little English, looked to her three children for guidance both medically and financially. All three had very different opinions that culminated in loud conversations punctuated by colorful Portuguese phrases- cursing did not count if it was in another language, go figure!
Thankfully, my grandfather recovered and was with us for another 17 years. As soon as he recovered, he and my grandmother set an appointment with parents’ attorney and put down their wishes on paper. They picked an executor and how their estate would be divided. They also executed something known as a Living Will, or medical directive. This document, separate and apart from their Last Will and Testaments, appointed one person to make medical decisions for them when they were unable to.
Though I was quite young at the time, I remember sitting in the attorney’s office, thinking how important all of it was. I remember feeling proud that I was allowed to be there. Most of all, I was happy that my grandparents, despite superstitions, were doing the right thing for the family. Now, sitting on the other side of the desk, as an attorney, I am still surprised at how many people do not have wills- even some of my own friends (I know you are reading this) have not set aside the time to have their wills executed.
So why do you need a will? A will lets you decide how your estate will be distributed. Whether you have a lot or a little, with a will you get to decide who will be in charge of distributing your property, paying your debts and who gets what and when. You provide your family with a concrete plan honoring your final wishes. We would all like to think that at times of loss families would come together instead of fighting over who gets the antique pocket watch. Unfortunately, speaking from personal experience, if wills do not spell out bequests, things can get ugly fast.
If you have children, pets, property, or a business, you need a will! Besides avoiding a lengthy probate process, complex litigation, or custody proceedings, a will sets down your wishes for the care of your children and pets and distribution of property, so the transition for your loved ones is easier. There is a peace of mind that comes with knowing you have a plan in place.
A good estate attorney can also help you minimize estate taxes through a detailed estate plan. Through the use of various types of trusts, and other nifty estate planning tools, you can save your family from the pains of handing over a chunk of your estate in taxes. Linda McCartney, the late wife of legend Paul McCartney, executed one of the most brilliant estate plans in history. Though her estate was substantial, millions and millions, it paid virtually nothing in taxes. The anxiety that you may feel now in executing your will is minor, compared to the far reaching benefits for you and your family.