Why Have a Will?

by Roger Ellison, CFP

One way to look at a will is to view it as your last love letter, to consider it a personal letter to those left behind of how you wish your property to be disposed of at death. Up until the time of death, it is merely a plan on a piece of paper that you can change or destroy at any time. On your death, however, it becomes legally enforceable and very important in describing your wishes and assuring that those wishes are carried out.

• The will allows you to name who gets what, may allow you to disinherit certain persons, and allows you to name favored charities to receive part of your estate. Without a will, the state is required to use its own rigid plan, which will likely ignore your personal wishes.
• The will can assure that your affairs are handled in an orderly and sound manner. Without a will, the state has its own required procedures, which may be time- consuming and expensive.
• It allows you to name the person you want to settle your estate, and the person who can substitute if necessary. Without a will, the court may appoint someone else.
• A will can give your executor the powers to accomplish the things you want accomplished. Without a will, the administrator appointed by the court is somewhat limited.
• It can allow you to plan for important tax savings, depending on the size of your estate. Without a will, any potential tax savings are lost.

With a will, you have shown your loved ones left behind that you cared enough about your life and its accumulations, and your relationship with the loved ones, to plan for an orderly transfer. Without that last loved letter, you may leave a situation that creates unnecessary costs, delays, difficulties and hard feelings. While the horror stories of these messes may be ample enough to convince someone to have a will prepared, the simple satisfaction of knowing that you have written a carefully considered letter to your loved ones may be all the reason in the world to get it done.

And who should write this last loved letter? No one else but an attorney experienced in these matters and whose skills and experience are appropriate to your particular estate.

Quite often, just sitting down with a trusted advisor and discussing what you want to accomplish – and maybe not so much how you want to accomplish it – can result in better ways of arranging your affairs. Often it can allow possibilities you had not considered. Many times, you gain the added assurance and peaceful nights that come from knowing your plan is a good one and that you have done well in planning that last love letter.

Roger Ellison, Vice President of Planned Giving, at the West Texas Rehabilitation Center Foundation, is a Certified Financial Planner who provides gift and estate planning services on a no cost, no obligation basis. He may be reached at 325-223-6309 or roger@rogerellison.com