A Will: Does anyone have one?

[2HBStrat]

A bit of a horror story:

A bandmate didn't, and when he died unexpectedly, his wife, from whom he had been separated for over 6 months, and who he HATED, got all of his guitars, amps, PA equipment, boat, motorcycle, house, money, 401K, savings, EVERYTHING!

Anyone have a Will?

[bluesjuke]

Most sorry to hear of your bandmate.

Might not have mattered much as they were still married.

Me?
No one knows where my treasure is buried.

[pickaguitar]

It's on my list to make one...been on the list for about 4 years now lol

[moozak]

yep... both me and my wife have them... safely stored away... ready to go... and other family members know that we have them.

[Aaron Smith]

This one of those basic things that every "grown up" needs to have. In my opinion, not having one is highly irresponsible and pretty much guarantees hardship upon those you love in the event that you die or are rendered mentally incompetent.

AARP has a great, easy book on estate planning. It's a good read- even if you're broke, deeply in debt, etc. Don't let the AARP thing scare you off- I am 36 years old and found it very valuable.

So yes, I have one. Will, living will, and durable power of attorney for spouses are all very important.

[DGTCrazy]

There are so many variables to wills from State to State, you need to check out what specifics are covered without tax implications. In CA, a simple Will can leave a huge tax mess for your heir(s). You may need a Living Trust, or other more detailed document to ensure what you leave isn't partially lost to taxes.

In the case of your friend (and if he was in CA), any assets that he gained during his marriage would have gone to his wife either in a divorce (usually 1/2 of the assets) or in his death (full). The real sad part would have been if he acquired any property prior to his marriage, or due to his blood relatives passing during the marriage, property that should have gone to blood heirs (his kids, nieces nephews, ect), she know gained possession of due to no will or trust. (Although there may be some legal battle that could be fought, but it's going to come at a cost that could have been avoided)

I'm sorry about your friend. It's always a tragedy like this that brings these things to light.

[ronmail65]

Sorry to hear of your bandmate.

YES. I have one. If you have a wife and/or children -- don't go another day without getting one. You don't want the government, or perhaps some relatives, calling the shots about the future of your children or your belongings.

[Blue Fin]

Everyone has a will...the question is who wrote it...you or the state.

[Jetrow]

Meh, a will means nothing unless someone named in the will has the thousands of dollars needed to take it to court and win against the person who swoops in and scoops the whole of the estate for themselves. Then you have to collect on that and good luck finding anything of value left by that time or getting money out of the person for it.

If it really matters to you, get a lawyer as an executor and give them a way to secure your estate on your passing. Then after they are paid, you can mostly be sure that the stuff you want to go to someone will get there.

Other wise, it's good that you are dead because if you saw what money does to people you wouldn't much care for them anymore.

[Aaron Smith]

Originally Posted by Jetrow

Meh, a will means nothing unless someone named in the will has the thousands of dollars needed to take it to court and win against the person who swoops in and scoops the whole of the estate for themselves. Then you have to collect on that and good luck finding anything of value left by that time or getting money out of the person for it.

If it really matters to you, get a lawyer as an executor and give them a way to secure your estate on your passing. Then after they are paid, you can mostly be sure that the stuff you want to go to someone will get there.

Other wise, it's good that you are dead because if you saw what money does to people you wouldn't much care for them anymore.

I disagree with just about everything in this post (except the fact that willed money screws people up).
If you don't have a will, your estate goes to probate- where the state decides which of your family members get your stuff, or your house, or your debt, or... you get the picture. Each state has a set of rules, and they are followed quite closely. They are not written to be "fair". If you want your estate to be dealt with fairly with the least amount of hardship on your family, then be a man and get a will.

[Vince]

+1 on the living trust. Only way to go.

[Travst]

Yes, I've had one for all of my adult life. I highly recommend them.

[RhytmEarl]

Yes I have one. Updated it a few years ago.

[59Vampire]

if you do not have one get one immediately. Same goes for life insurance

[XKnight]

I have a will that I created, but its not signed yet. It has been sitting on my desk for at least 6 months and for some reason I just don't feel like signing it. I guess it seals the inevitable...