You have a will whether you’ve written one or not

Do you have a written will tucked away in your attorney’s office or in a file cabinet at home? Good job! But even if you haven’t paid an attorney, gone to LegalZoom.com or simply scribbled your desires on a piece of notebook paper, you DO have a will. That’s because the state you live in has planned one FOR you. Unless you’ve prepared a document that spells out your wishes explicitly, state law will dictate how your house, cash, securities, cars, furniture, jewelry and other possessions will be divided up when you die. The state will also determine who will have custody of your minor children, other dependents, and your pets! Your best friend, your church, your alma mater, and/or favorite charities will inherit – you guessed it – absolutely nothing. When the time comes for you to leave this world, if you have no written will, you risk leaving your heirs and loved ones in a legal, financial and emotional tangle. It can be expensive and time-consuming. If your estate is worth $100,000 or more -- that includes the current market value of your house, regardless of how much you may still owe on a mortgage or reverse mortgage -- not simply bank account and investment balances, the entire matter will likely end up in probate. Court costs and legal fees are determined by statute and can often suck up 20 percent or more of the value of all holdings. Bottom line -- Write a will. Don't put off this vital task. Make your wishes known. You can change the details later if you wish. And if your holdings are worth more than $100,000, set up a trust. It's a small investment -- your loved ones will be extremely grateful.