I hear this every day, “we just need a simple will”. Listen up folks this is not that Jeffersonian America where we all exist as simple farmers who gather after the harvest is in to debate how our democracy should function then vote before planting time.
That simple America is what we all want but we just do not have. Any one with a retirement account of any kind and children needs to talk to a lawyer about whether or how this yet to be taxed asset should be handled in some kind of an estate plan that recognizes the reality of what you are leaving your kids or your spouse whether you know it or not.
Often I learn there are preset designations in retirement plans made part of the fine print of an employment contract you never read that takes control of the disposition of your retirement at death no matter what your Will says. Sometimes you can change it. Sometimes you can’t. Probably better to know when.
But we don’t want to know. Nor do you want to know what happens with the time share in Hawaii can’t be moved by the probate court in the other 49 states to the people you name in the will and a second probate might need to be filed there.
You really don’t want to know when and when not to use a will substitute like Revocable Living Trust, if you believe you “just need a simple will”.
When I use the term “myth”, I don’t mean something that is false or a lie. When I use the term “myth” it is in the same spirit as the Greeks. A myth is how we explain ourselves. It answers the “why” in “why are things the way they are?”.
We want to live that Jeffersonian myth of plain folk who do the work of living and loving until they die and leave the world a better place for their kin and friends than when they arrived. Diving into the reality of how a marriage changes things, a divorce really changes things, that child you never adopted but raised changes things from how you would want it to be, or how your hard work will be bled away by a tax scheme that seems to punish your industry, all tends to make a mess of the American Myth.
“Besides, lawyers are expensive and we can’t afford it”. Yes you can. My fees are flat for estate planning to encourage problem solving before there is real cost. If you want to see expensive, try estate litigation which heats up when the will isn’t right. That is where I more or less make a living, cleaning up the messes left by those who sought to live that American myth that we are a simple people without complex problems.
Ok, that’s enough for now. I gotta go.