Taking Care of Business

Traditionally a new year is infused with resolutions, the majority of which have to do with undoing the body mechanics from waay much holiday indulgence. But what about finance/estate shape-up? Specfically the four-letter affair known as a 'Will'.

National statistics claim a whopping 65% of Americans don't have a will because (a) psychologically they can't admit to their own mortality and/or (b) if "partnered" they think all assests automatically revert to the "survivor". Legally, however, a multitude of "exceptions" are court dealt into an estate when the primary player dies 'intestate' (without a will).

John Denver, the popular environmentalist/country singer, died sans will in 1997; he left behind a 20-million-dollar estate, two ex's and three children. Songster Barry White did the same in 2003; his survivors tally one ex, 10 children, multiple grandchildren, a (separated from though still legal) wife and a significantother who birthed their child shortly before his passing. "No will" routinely flares a flurry of legal battles amongst all left behind. Sentences them to limbo-land time (years usually) until the court system sorts through fact and then rules their decision as to who-gets-what! Avoid this drama for those you love by following some basic steps:

1. Each state differs in how it divvys up assests to immediate family members should the major player pass intestate. Educate yourself on your state's rules/regs; the internet makes this easy, on-line research. Check yearly as authoritive principles change. Use this data when drawing up your will to ensure no base is left unspoken to.

2. The goal of your will is to distribute assets to whom you wish. Do this with an attorney not on your own with a down-loaded, free form or hand-written per a book. Even a legally prepared will (at best) take approximately 9-12 months to administer so don't slow the process by "saving a buck" in its conception. Most attorneys own sliding fees dependent on the size/complexity of assets and who they will be gifted to.