Saturday, January 5, 2008

Do You Have a Will? You Should.

If you are over 18 years of age, you should probably have a will. The number one benefit of having a will and trust for most people is to avoid a time consuming and costly probate after your death. Additionally, you can have a living will so your loved ones don't have to guess about what you would want them to do in the event you become incapacitated. Finally, if you have children it is downright irresponsible not to have a will to provide for them in the event something happens to you.

How much does getting a will cost you might ask? I would expect to spend about $1000 on getting one set up, but that number might vary widely depending on your lawyer. If you avoid even one mistake this one time expense will probably end up paying you back in spades. When you go to your lawyer it also helps to be an informed consumer. I highly recommend The Complete Guide to Wills, Estates, and Trusts by Alexander Bove as a great introduction to the topic that is written with the layman in mind. Having read this book, you can sit down with your lawyer with some ideas already in mind about how you want to do your estate planning.

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