Do you have a will? If you do, when did you create it? Years ago? If that's the case, you might want to root it out of whatever box or file or closet it's in and see what sort of commitments you've made for your stuff when you die.
Don't have a will? Figure you've got plenty of time and will get to it eventually? Not surprising. Almost two-thirds of all Americans don't have a will. Most weren't figuring on the arrival of covid-19, which has an unpredictable effect on lifespans.
So what? you say. If I'm dead, I don't much care what happens to my 1966 GTO and my grandmother's Czech porcelain china. This is not a wise attitude. When you die without a will, according to Internet sources, you leave decisions about what happens to your possessions and property up to a local court and your state's laws. You won't have a say in who receives your assets. And not having a will can make it more difficult for your loved ones, like your favorite niece, a car enthusiast to whom you promised that GTO, but never put that promise in writing.
While letting my mind wander during a blissful sunny-morning bike ride the other day, I started thinking about my will. Having written it nearly 20 years ago, I confess to not remembering exactly what's in it. Did I itemize belongings to go to specific people? Did I list a bunch of charitable institutions to receive a specific amount of money or property? Have I noted the names of others to acquire this and that who by this time are no longer living?
So when I got home, I rooted the will out of a semi-organized file cabinet. Turns out it is neatly typed and official in appearance, apparently produced in an orderly and legal manner, complete with signatures of witnesses and an executor. (It helps to have a friend who's a lawyer and is willing to take a look at your work; thanks, Paul Bowen, Esq.)
I had designated my dad and three charitable organizations to receive portions of my estate, along with a percentage to go toward the care and rehoming of my dogs. It might not be the same set of dogs that now share my life, but when they go over the rainbow bridge, they'll be replaced by more dogs, so the designation remains valid. My dad died a decade ago, so his percentage will be divided among other designees. And one of the witnesses isn't as close a friend as she used to be, but we're still on speaking terms. So the document's validity appears to be intact.
Satisfied that no action is needed, I refiled the paperwork and easily found something else to worry about. And if you create a will, you too can move on.
Here are reasons you should do it now rather than later, according to freewill.com:
1. Almost all estates have to go to probate court to start the legal process overseeing the distribution of assets. But when you don't have a will, the court process can get complicated. Without a will, the court has to name an administrator to deal with your estate. This can be time-consuming, expensive, and contentious.
2. When you write a will, you become a "testator" and are able to nominate an "executor," who will be in charge of everything from closing bank accounts to liquidating assets (including that handsome '66 GTO). Find someone who's capable, and ask them if they will take on the job. If you don't choose an executor in your will, the court will pick one for you, and it may not be the person you'd want.
3. As the testator, you can name beneficiaries for specific assets. You can also name beneficiaries for any property that you don't list. When your executor takes over, they'll be in charge of distributing these assets.
4. You can also use a will to help ensure that some people (we all know who they are) don't receive anything.
5. If you're a parent, you can use your will to nominate a guardian who will be responsible for your minor children. The surviving parent will usually get legal custody if one parent dies. But if both parents die, this is one of the most important reasons to have a will.
6. As mentioned previously, you can make sure that someone takes care of your pets after you die. Although pets are considered property--meaning you can't leave them the Czech china or your Louis Vuitton handbag--you can name a beneficiary to act as your pet's caretaker. It's wise to leave them some funds to provide for your pet's care.
6. Your digital assets may include online accounts and digital files or property (photos, videos, social media, domain names). You can name a digital executor to manage these. Choose someone who knows what they're doing.
7. Support the charities or causes that matter to you, which will preserve your legacy, such as it is.
8. Provide funeral instructions; they won't be legally binding, but can give your executors and loved ones some guidance on your wishes.
9. You can create a will using online sites, or get help from a lawyer.
Among the many lessons covid-19 clarifies is that each of us is going to die, and that death can occur when least expected. Crafting a will can make your loss easier on those who carry on.
Karen Martin is senior editor of Perspective.
kmartin@adgnewsroom.com