Remember the last time you saw Paul McCartney on TV, or the Internet or YouTube or wherever it is you might see Paul McCartney? I can virtually guarantee that one of the things that went through your mind somewhere in the course of it was, “Gee, he looks…older.”
Funny: Paul said the same thing about you, and that’s what got us to the whole “aging thing,” which is what got us to this whole Boomer Primer – Things to think about (and then, hopefully, DO something about), whether you want to or not.
So, here’s something to think about, whether you want to or not: The odds are pretty good that, at some point, you’re going to die. It doesn’t matter who you know, how much money you have or how good your resume’ looks, immortality remains almost universally elusive. And since we are where we are in the time that we’re in, we have to consider the reality of the paperwork, so let’s start with wills.
A surprising number of people don’t make wills, because (a) they don’t think they need one because they aren’t “rich;” (b) they just know they needed one – Period; (c) they didn’t know what to do to do one; (d) they thought it would be too expensive to get one done, or (e) they couldn’t or wouldn’t face the inevitability of their own mortality, so just sort of ignored it, figuring (I guess) that if they didn’t call attention to themselves, Death wouldn’t notice them, and move on.
I can absolutely assure you that (e) above almost never works, so let me deviate from my usual position of “it’s-all-up-to-you” and be as clear as possible: MAKE A WILL!
From the beginning, a “will” is a legal document that says who gets what, and how much, of your stuff, money and property when you move on to better things, but not until then. It can also do other things like name a guardian for minor children, create a “trust” and a “trustee” and name an “executor,” the latter being the lucky devil who gets to deal with divvying up your stuff, money and property.
You do not need to be “rich,” or even “well off,” to need one of these. If you have any money or any property or any stuff that you want to have go “here,” as opposed to “there,” you need one of these. Do you know what happens if you cash-in without one of these? Right! We have laws that call the shots, so here’s what will happen: If there is a surviving spouse (or state registered domestic partner), they’ll get all of the “community property” (what you had together) plus some of the “separate” property” (what you kept to yourself), with the rest divided up among children and or parents.
No surviving spouse or registered domestic partner? Then, everything goes to (1) living kids, divided equally; (2) surviving parents; (3) then equally among surviving brothers and sisters and maybe their kids and all kinds of other relatives and it all gets very complicated! No “family” at all? It goes to the State of Washington.
Now, if all of that is just swell with you, or you don’t particularly like your kids or whoever else will have to hassle with your stuff, then I guess you should proceed with doing nothing; if it isn’t, or if you do, then MAKE A WILL!
Should you consult an attorney? Yes! These things can get more complicated than you might think, and attorneys know the right questions to ask you so that what actually happens will be what you actually wanted; besides, you can, often, get a deal on a “package” of a will, a durable power of attorney, a Community Property Agreement and an “advance directive,” and it’s not usually as pricey as you might think.
Time out: “Community Property Agreement?”
Yes. For the vast majority of us, of “moderate means,” a Community Property Agreement has the effect of transferring all of the assets to the surviving spouse – Boom: No hassle, no probate, no nothing. PROBATE??? Don’t panic – We’ll come back to that, but let’s just get through the “will thing,” first.
Do you have to consult an attorney? No. For a will to be legal in Washington, it has to written, dated and signed. You (the one making the will) have to be at least 18 and legally competent. It has to be witnessed by at least two legally competent adults (one of which could be a notary public, but it isn’t mandatory), and neither of them should be beneficiaries, nor do they need to know what the will says. No witnesses, no valid will – Period.
That’s it. Not the best approach, perhaps, but it beats-the-heck out of nothing. A will made in another state, according to that state’s requirements, is valid, even if it isn’t exactly in the State of Washington’s style; again, not the best, but it’s something.
So, once you’ve done a will, how long will it “last?” Basically, as long as you do – Or, until you change it. Can you change it? Sure, anytime – And since our lives have an annoying habit of changing, it’d be smart to yank it out and look it over every now-and-again to make sure that it still sounds like your current life.
Yes, you can get will “kits” and “forms” – Are they legal here? If you do what I said above, yes. Are they the “best?” No, because very few of us have lives that conform nicely to “kits” but, again, it’s way out in front of nothing.
“OK, I’ll be sure and do that when I get ‘old’.”…uh…And when, exactly, will that be? If you’ve already scheduled your demise, so be it – But for most of us, unpredictability has been a hallmark of life from Day 1, so do yourselves and the people you purport to love a favor and take care of this, OK? There is no such thing as “after the fact” – You either cared enough or you didn’t.
And Death doesn’t care, one way or the other.
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