If you have a family and a home, you need a Will.
Wills are your chance to say who gets what in your estate when you pass
away—including your house and possibly the assets in your retirement plan in
absence of a valid designation of beneficiary form. Without a Will, state law
will determine how your assets are distributed and who will take care of your
children. And those decisions may not be what you want. A Will can be drawn up
quickly and easily by a lawyer, which will typically cost between $200 and
$750.
Put Someone in Charge
First, decide who you want to be the executor (or executrix, if a woman) of your estate. He/she is the one who will be responsible for filing your Will in probate court. The executor is often a spouse or partner, but you can—and should—name an alternate, in case he or she dies before you or can't handle the responsibility for some reason.
Protect Your Kids
Second, name a guardian for your children if they are under 18. This is important because if you and your spouse were to perish at the same time—unlikely as that may seem—a judge would decide who will take care of them if you have no Will. Consider naming an alternate guardian as well.
Distribute Your Assets
Next, decide how you want your assets to be distributed to your loved ones and make sure your specific desires are stated clearly.
Keep it Current
Finally, once you have a Will, remember to update it whenever there is a significant change in your family's circumstances—like a birth, a death or a marriage. Although making a Will may seem like a chore now, it will help your loved ones tremendously down the road.
The information contained herein represents the opinions of a third party and does not necessarily represent the opinions of Naperville Accounting Services Firm of Susan S. Lewis Ltd or Naperville Financial Services team, Platinum Financial and are unaffiliated with any of the entities referenced above.
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ReplyDeleteAlthough some CPAs serve as business consultants, the consulting role is under scrutiny following the corporate climate in the aftermath of the Enron scandal. This has resulted in divestitures in the consulting divisions by many accounting firms. This trend has since reversed. In audit engagements, CPAs are (and have always been) required by professional standards and Federal and State laws to maintain independence (both in fact and in appearance) from the entity for which they are conducting an attestation (audit and review) engagement. However, most individual CPAs who work as consultants do not work as auditors.
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