Top 7 Reasons to Execute a Last Will & Testament

     Who doesn't love a good list? There are countless reasons an individual should draft and execute a Last Will and Testament.  However, I would like to outline what I believe to be the top 7 reasons:

#7.  Avoiding Taxes. 
Creating or establishing a plan to protect assets from the State or Federal Government is, in my opinion, always an excellent strategy.  After all, you worked hard to obtain the things you own and less taxes paid to the Government means more assets for your beneficiaries.

#6.  Protecting your beneficiaries from themselves. 
Depending on the individuals or organizations you determine you would like to inherit your assets, it might be wise to protect those individuals or organizations from themselves.  The easiest way to explain this is to use a couple hypothetical situations.

Ex. 1)   Great Uncle Harry is a spendthrift, alcoholic, and drug user, but you would still like to provide for him.  Additionally, you do not want him to blow his inheritance on a week long bender. 

Ex. 2)  You would like to see that your assets are protected and available to fund a project or cause indefinitely. 

The possible examples which fall into this category are limitless.

#5.  Nomination of Executor.  
 The person you select as your Executor will eventually gather your assets and distribute your Estate according to the terms of your Will.  If an Executor is not nominated by a deceased individual by way of a Will, State law provides, by default, who may act. 

I am of the opinion that a personally chosen individual is superior to a "default."  (You might see a theme developing.)

#4.  Waiving Bond or Surety on Bond. 
Without getting too in depth, an individual appointed by the Court to administer an Estate of an individual may be required to post bond or surety. 

The amount of the bond is largely dependent on the size of the Estate of the deceased individual.  However, the ability to release your chosen Executor of this burden can be accomplished in a Will.

#3.  Nominating a Guardian for Minor Children. 
Any parent of a Minor Child (under 18) can move this to the number 1 reason on your list. 

Considering who will care for that Minor in the event of an unfortunate event is a huge decision.  However, if a nomination is not made, the person who ultimately becomes Guardian of that Minor may not be the same person you would choose.

#2.  Choosing Beneficiaries. 
You can choose the individuals and/or organizations you want to have your "stuff." 

This reason is simple, yet one of the most important reasons I can offer.  As you may have guessed, if you do not choose your beneficiaries, the government will.

#1.  Letting your desires be known. 
This is a broad reason, and encompasses many of the other reasons I have listed above.  However, when you are gone, a Last Will and Testament is the only way to tell the world how to execute your wishes.

     There is my list.  I am sure there are other reasons to execute a Will, and I am sure there could be lively (for some) debate about my ranking of the reasons I have listed. 

     Always remember, once you have executed a Will, make sure you do not use it for a very, very long time.                

Can you hear me?

     Everyone has pet peeves. That being said, one of my pet peeves is spam. Not the fake ham substitute, but the junk email anyone with an email account receives on a daily basis. It is unsolicited and I waste my time deleting it. Sure, it only takes a few seconds, but those are seconds I could use doing something I actually enjoy doing.

     The worst spam, in my opinion, is spam I receive from businesses I purchased products from. This is especially aggravating when I make a point to un-check the "I want to receive special offers and updates" box. With the disclaimer that I am a Chicago Cubs fan, I present the following case study:  

BUYING ST. LOUIS CARDINAL TICKETS

Not too long ago, I purchased a group of St. Louis Cardinal tickets. Why I was willing to subject myself to Busch Stadium is a long story, and beside the point. The point was, a group was attending and we wanted to sit together.

As I dutifully proceeded through the process of purchasing the tickets, I was prompted to enter my email address. This was nothing new. In the world of e-commerce, it is only natural to provide an email address in order to get an almost instant confirmation and receipt of your purchase.

During the purchasing process, before I was subjected to outrageous "convenience" fees, I made sure to un-check the box indicating I wanted to receive updates from the Cardinals. (I usually only care to know that the Cardinals lost to the Cubs) Even after taking this precaution, I began receiving very frequent updates from the Cardinal organization. This was the first time my wishes were disregarded.

After I continued to receive these emails, I scrolled all the way to the bottom of the email and clicked the "unsubsribe" button. This took me to a subsequent page, where I confirmed my desire that these emails cease.

 The emails from the Cardinals did not cease. In fact, they began arriving more frequently. My wishes were disregarded again. I was not a happy customer.

     It is obviously easy to rail on an organization that I really did not like in the first place, but I think all businesses could learn a valuable lesson from my experience. If a business does not listen to its customers or clients, those customers or clients are not going to be happy.

     Sure, I am not going to influence the two people that read this post to boycott the Cardinal organization. (They are likely Cardinal fans anyway) But, the lesson is there, and I think it is valuable.

Welcome

Hello and welcome. I have created this blog in an attempt to utilize the Internet for the disbursement of opinions and information that is hopefully both helpful and informative. I intend to post on a variety of subjects that impact the lives of readers. Admittedly, not everything posted will effect or interest all readers. However, if there is a topic that does interest you, I will always be open to suggestions. Additionally, if you ever feel there is an issue that I may be able to assist you with professionally, please do not hesitate to contact me. I look forward to this new endeavor.