Do I need a will if everything is owned jointly with right of survivorship with my wife?

Tweet

 

FIVE EXCUSES TO DELAY ESTATE PLANNING

Q.  Why do I need a will if everything is owned jointly with right of survivorship with my wife?

A.  People develop excuses to delay estate planning.  The following is a list of common excuses.

1. “I don’t need a will because of joint ownership.”

FALSE — If you both die or one of you becomes incapacitated, you have waited too late to prepare your estate plan.

2. “My child’s name is on all of my bank accounts.”

HORRIBLE PLANNING — If the child is sued, goes through divorce proceedings, or is involved in an accident, you could lose the account.  A general rule is never to own assets jointly with a child.

3. “I have to discuss my will or trust with my children before I proceed.”

WHY?  It’s your money, and you should plan your estate according to your wishes.  Children could be your worst advisors.  A properly drawn trust is of great benefit to your children and yourself.

4. “I feel fine.  Why do I need a will?”

RIDICULOUS — I once had a lady ask me if I would visit her in the hospital to prepare a will.  I answered that I would, and she then informed me that she would call me back because she wasn’t sick enough yet!  Some people delay their estate planning until it’s too late.  She died four months later without a will.

5. “I will work on my estate plan as soon as . . .”

YOU NAME IT:         I paint my house;

                                    I return from my trip;

                                    I make my funeral arrangements;

                                    I decide what to do with my pets;

                                    I decide who gets what;

                                    I feel better;

                                    I finish my taxes, etc.

            I’ve heard every reason in the world to delay implementing an estate plan.  There is no time like the present to get your affairs in order.  Estate planning is a very important part of preserving your assets for loved ones and providing yourself guardianship planning.  Why not enjoy the peace of mind and satisfaction of having it completed and knowing that you have preserved as much of your estate as possible, plus saved yourself from ever having to go through a guardianship proceeding.  Why delay?