Author Topic: Why Do I Need A Will?  (Read 877 times)

William

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Why Do I Need A Will?
« on: March 13, 2013, 07:42:53 PM »
Dave Ramsey says everyone over 18 should have a will.  But why should I get one?  I have very few assets and my car is still on my parents insurance/registration.  All of my investments and bank accounts have my parents listed as the beneficiaries.  I need to add more people just in case my parents both pass on at the same time.

Are my bases covered?  Seems like it to me but I just want to get everyone's $.02!

Thank you for your thoughts!
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RobbyJ

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Re: Why Do I Need A Will?
« Reply #1 on: March 13, 2013, 09:18:11 PM »
You don't need a will, you will be dead.  And if you want to take advice from Ramsey, shouldn't you be asking your Pastor this question :).

Jamesqf

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Re: Why Do I Need A Will?
« Reply #2 on: March 13, 2013, 11:15:53 PM »
Do you want your parents to get whatever you may leave?  If so, you should be fine without.  If you'd rather it go to other people (or causes), then you do.

FiveSigmas

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Re: Why Do I Need A Will?
« Reply #3 on: March 14, 2013, 12:56:43 AM »
I would consider not only financial assets but also any objects of sentimental value. If you have anything at all that you would want to go to a specific person, I would write a will.

Also, I would strongly consider spelling out in a legal document your wishes regarding medical treatment should you become incapacitated (i.e. draft a “living will”). For instance, if you get in a car biking accident and are pronounced brain dead, do you still want to be hooked up to a feeding tube? Unfortunately, I believe laws vary from state to state and can get very technical (for instance, providing food may be treated differently than providing water). If you want it done right, I think you're going to have to talk to a lawyer.

Finally, it's a good idea to sit down with your family and make sure they all clearly understand your wishes.

Adventine

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Re: Why Do I Need A Will?
« Reply #4 on: March 14, 2013, 05:05:31 AM »
Do you want your parents to get whatever you may leave?  If so, you should be fine without.  If you'd rather it go to other people (or causes), then you do.

Absolutely.

Kazimieras

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Re: Why Do I Need A Will?
« Reply #5 on: March 14, 2013, 10:11:26 AM »
It is worth having one, just for the sake of headaches. A neighbor of mine had no spouse or children and died suddenly. She didn't have a will and her parents were still alive. It was clear that everything was then the property of her parents, but it took 8 months to get through probate (they weren't particularly good at navigating it), so that they could actually take the assets and sell/dispose of them. It was a long and drawn out process which just sucked for everyone involved.

Don't forget to include instructions for your online accounts - do you want your facebook/etc. page to stay up, or be taken down? Is there anything you have that you'd specifically want to give to someone else? Just some other things (in addition to wishes if you were a vegetable mentioned above) that need to be thought of.

William

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Re: Why Do I Need A Will?
« Reply #6 on: March 14, 2013, 06:26:33 PM »
Thank you for all the replies.  I should have specified that I would want everything going to my parents.  What everyone has made obvious is that I should make a list of accounts of financial accounts in my name and give it to them.  I can leave more instructions for them that I'm sure they will follow.  Very level-headed and honest parents I have.
If you're still in the first quarter of life, read my blog.  If not, probably don't.


http://firstquarterfinance.com/about/


https://twitter.com/WilliamLipovsky

nawhite

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Re: Why Do I Need A Will?
« Reply #7 on: March 15, 2013, 09:44:22 AM »
I heard about a new website/blog on NPR about wills called http://getyourshittogether.org/

It reminds you to get things together like phone unlock passwords. Computer passwords. Do you want your facebook page to stay up? And all sorts of other things you probably wont think about ahead of time.

Thinking about having a "Get Our Shit Together Potluck party" with some friends soon. Have copies of all the forms and a couple laptops that people can use to look things up with.