A Walk In The Park

“Daddy, what happens when you die?” It happened. I got the question every God-loving father wants to hear from his child. And it happens when you least expect it, doesn’t it?  And of course, you pray that you’ll handle it as well as your father handled it and as well as his father before him. And just recently, it happened to me. Just walking in the park one Saturday morning, sweet little Callahan looked up and asked, “Daddy, what happens when you die?” Not breaking his gaze, I knelt down, took his hands in mine and told him what we all know to be true:

“Well son, with a properly written will, your estate will be distributed in accordance with your wishes – not at the discretion of the state.”   And there it was, with the full weight of truth. He was so moved by my response, apparently, he could only manage an inquisitive, “Sir?”

“Bless his heart,” I thought, “He’s at a loss for words.” As was I, right? I mean, it’s not every day someone asks about estate planning. But it should be. So now let me ask you, “What’s going to happen when you die?” Still not hitting home? How about this: Who will take care of your children? What will happen to your assets? To whom will they go? Some of you are so sharp and so on top of things, you had the answers to these questions before you’d finished reading them. More importantly, are those answers written down in a will? No? I had a boss, who may or may not currently be my boss, once tell me, “I’m not interested in what you say you’re going to do; I’m interested in what you’ve done.” Get your will in place. It’s as close to having a voice after you’re gone as you’re going to have.

5 reasons why you should have your will in place as soon as possible:

1)      You get to decide who’ll take care of your children – or to put it another way – you decide who won’t.  (OR…you could just forget about the will and leave it up to the court. After all, kids are resilient, they’ll be fine!)

2)      You get to decide how your estate will be distributed. (OR…forget the will, save the money, and just let your family duke it out. It’ll be a nice distraction from the grief.)

3)      Because as life changes, so can your will. Change your mind? Then change your will.

4)      You diminish the chance for legal challenges. “But mama told me she wanted me to have the __________ .“(Insert object of potential and likely family conflict here.)

5)      A will protects against a potentially lengthy probate process for all assets passing through the will. (Assets with a designated beneficiary, like an IRA or 401(k) for example, do not pass through the will or the probate process. Material for another blog.) The will serves as your “instructions” to the court and to your personal representative. And we all know how well things turn out without instructions.

There are several other reasons, too, ranging from possible estate tax implications, the ability to name an Executor who will handle the affairs of your estate once you’re gone, and the fact that tomorrow is not guaranteed. But if you could get past the first two without a pain in the pit of your stomach, then none of the rest will likely mean anything to you. But if a chord was struck as you read this post, please look into it. It doesn’t have to be Shakespearean, but it will have to be signed at the very least. And that’s easier to do while you’re alive.

What happens when you die?

The question is simple. The answer is a matter of life and death.  Be prepared for both. Get your will in place.