Talking to Your Partner
If there’s a will…
You made a lot of promises on your wedding day. You promised to love your spouse for richer or poorer, in sickness and in health, 'til death do you part. But, nowhere in your vows did you make any promises to take care of your spouse after you died; probably because it's something you don't usually think about on the happiest day of your life.
Maybe you figured that, in the event of your passing, your spouse would get everything whether or not you had a formally drafted will. You're not alone there. It’s been reported that over 50 percent* of Americans don't have a will dictating what happens to their money and property after they die. Throw kids into the mix, especially ones under the age of 18, and the ramifications of not having a will could increase tenfold.
Laws vary from state to state and, in the event that both you and your spouse die before making provisions for your kids, the state gets the final decision on who raises your children and how to disperse your money and property. Is this something you want to leave up to a stranger? For this reason alone, one of the first acts as a married couple should be to create a will, one that you can modify if you plan to have children.
Your spouse may not want to talk about making a will for a variety of reasons:
- It's too expensive. Really, it's not, especially when you think of it as an investment in your spouse's and/or children's future.
- Thinking about death is unpleasant. Nobody has figured out a way to live forever. The sooner you and your spouse make a will, the sooner you can focus on living a happy rest of your life.
- There’s the notion that only the elderly need to get their things in order. Many people wait for a major life-changing event such as a heart attack or stroke to start thinking about what they want to have happen with their property and money. But in some cases, waiting for that event may be too late. You're never too young to make smart decisions about your possessions.
- What’s to disperse? While you may be just starting out, it’s not long before you'll have income, possessions and property that need attention after you’re gone.
Creating a will is one of those things even the best of procrastinators can’t put off. You never know how long forever is.
* 33% of Americans polled have a living will according to a recent CBS poll.
http://www.cbsnews.com/stories/2005/03/23/opinion/polls/main682674.shtml
This article is provided for general, informational purposes only and is not intended as advice specific to your situation.
