I saw a post on one of my Facebook Groups about a week ago – someone needed help with the setting up of a last will and testament. There were loads of offers to help, be it free of charge (that came with a lot of comments as to why it will be free…) or not. One lady though, let’s call her Anna, commented with “buy a testament from CNA or PNA, complete it yourself, and appoint a family member or friend as executor, and, added in brackets – if it is not a complicated estate. Anna said, that way, you will save a buck or two.
What will be “not complicated”?
If you have no debt, no assets and no dependents you will fall in that category, and you can save yourself the trouble of going to CNA, write your last will and testament on a piece of paper, date and sign it, and give it to someone for safekeeping.
However, it is not all that easy for everyone.
One of my dear friends passed away about a year ago. He was taken from us very suddenly – it all happened within a week. During this difficult time, I could assist his wife with everything that was needed, as I assisted in drafting their will. With this being so close to home, it just made me realize how important this piece of paper really is.
Can YOU answer the following questions?
Which documents do you need to have handy?
Who do you contact for his/her Funeral Policy and Life Insurance pay-outs?
What do you do with the money you receive?
Is there a tax implication when monies pay out?
The bond for your house is on both spouse’s name – how do you handle that?
How do you sell assets that is on your deceased partner’s name?
Did you know that bequeathing a firearm can be a problem?
Which fees are involved in setting up a trust, and does your estate have enough to cover that?
Be sure that your Last Will and Testament is indeed that. Your last will.
Please contact us to set up an appointment to plan your Financial Wellness, for when you are no longer here to do so.