Back in 1990 I think I got our first will done and it was a pretty simple Will at the time. Now the older we get we have revised our Will and other documents for Estate Planning and final decisions more often. We have done new wills twice now in the last six years.
We had one done in Minnesota before we moved to Arizona to live. Then when we got down here, we found out from our new Lawyer that we should have one done in the state that we live in and of course that meant we needed a new one in Arizona. I am glad we did get a new Will and more done down here because I feel we laid out our wishes even better than before.
I know some people do it themselves to save money. I just believe in using a Lawyer for our situation. We teach our boys to hire a Lawyer also. As always though, I am not giving you any Legal or Financial Advice and you should seek advice from your Professional Advisors to see what is best for your situation. See my Disclaimer at MillsWay.com. This is for entertainment only.
I feel that we do all these legal forms for our loved ones and not ourselves. Things are hard enough when someone passes a way or is sick in the hospital. Why not try to reduce their pain or headaches with having your plans and wishes in place. I don’t want them to go through legal battles or to have a judge decide who gets what from our estate. Plus, I have heard that without these forms your estate can be hit hard with legal costs when you pass away.
Durable Power of Attorney for Health Care
We all will eventually get old and we have no crystal ball when that will happen so we need a plan. We could get sick tomorrow and we may need someone make medical decisions for us. Who would act in your wishes if you got so sick that you couldn’t communicate with your Doctor? I have heard of people that didn’t have that didn’t have a Durable Power of Attorney for Health Care decisions and it cost the family a lot of money but also fighting about what should be done between the kids. We have back up people in case we both aren’t able to make any decisions.
Durable Power of Attorney for Finances
We have this in place for us currently also so if something happens to us and one of us are left alive but not able to make financial decisions or transactions then our designated person can take care of them for us. Currently we have Darlene’s brother our Power of Attorney for our Finances if one of us is gone and the other one can take care of our Finances. Our boys are too young to be able to make those decisions or transactions. Probably in ten or twenty years from now we may make a change.
My folks had designated my Sister for my Mom after my Dad passed away because she lived in the same town as my Mom. My Mom was handicap and never wrote a check in her life. She lived in our parent’s house for years and now lives in a really nice Nursing home. She is in good hands. My Sister still visits her every chance she can. My parents didn’t have a business or a big estate so it was mostly just paying Utility bills, Medical bills to normal living expenses.
This can be a hard topic for some people to talk about. I know when I sold Insurance thirty years ago that a lot of people, I met with didn’t have even a Will in place. Some people just don’t want to even think about it. It is something we need to talk about because as far as I know none of us get out of here alive. LOL
Legal Zoom had said that approximately 55 percent of American adult’s don not have a Will or other Estate plans in place, according to LexisNexis. They also said that in the 90’s, over 90 percent of Probated Wills were made by someone 60 years or older, according to the Estate Planning firm Morris, Hall & Kingman, PLLC. They estimated Probate costs up to $2 Billion per year and of that $1.5 billion was paid in attorneys fees. So, get your plans in place to save your loved one’s money. Link to these facts is below in the show notes.
Reminder that I am not a Lawyer but the above forms we covered with our boys I believe in and I believe in hiring a Lawyer to help you with the forms. Which Estate planning forms do you have for your loved ones in case something happened to you? Do you have a Will or Living Will? Durable Power of Attorney for Health Care? Durable Power of Attorney for Financial Matters?
How often do you revise your different forms? We will change ours anytime there we move to another state for sure. Also, if anything changes where we need to add to our forms or take a way. For instance, I have heard of some people that loaned money to their Daughter to start a Business so the parents put in their Will that amount of money would be taken away from what they would have received from their share of inheritance. We suggest to our boys that once they move out as adults, they go find a Lawyer that they like to work with to ask questions they have on Wills to Estate planning and to get their Will and other plans in place
One last thing about how we have our Will set up is that we break it down on what and when each of our kids will receive certain items of ours and money. For instance, I have four Bowling Rings that I have won in the past and I currently want each of our kids to get one. We also have in the Will that each boy get’s so much money for college if they are still in when we pass on, also their first marriage, We, also have down each boy will get so much for a down payment on their first house. Then the rest of the money they will get half of their share when they are like age 30 and the other have when they are age 45. We didn’t want them to get all the money when they were young and blow it. Also, it is like we are still around giving them gifts while we are gone. I have even heard of people giving out cash gifts in the will for their kids Christmas’s for the next twenty years.
Here are some positive quotes I like;
“1. Make Money. 2. Use the Money to Make More Money. 3. Repeat the Process.” By Warren Buffett
“There is no way to happiness; happiness is the Path.” By Buddha
“Change Your Thoughts – Change Your Life” by Wayne W. Dyer
Let me know your thoughts about this blog and let me know of others you would like me to do in the future. I feel we can all learn from each other. That is why I am in the helping people retire early, enjoy life more and be more successful. Also, please see my Disclaimer page.
Don’t give up on your dreams; don’t let others talk you out of your dreams. Make your dreams happen. Make it happen today.
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Sources and Resources from Podcast (Available in Show Notes)
- Stats – Legal Zoom https://info.legalzoom.com/statistics-last-wills-testaments-3947.html