New Year’s Resolution: Yes or No?

Each new year brings an opportunity for a fresh start. This year I turned 50, and I’m using the new round number to reframe my stage of life. I haven’t made a New Year’s resolution in many years, but this year I am committed to the idea. While many people focus on resolutions like eating healthier or saving money, I’m choosing a resolution that can make a lasting difference- updating my will or creating a family estate plan.

My husband and I currently have a very basic will. It was created over 20 years ago when my son was a toddler and we had very few assets. But life has changed— now we own a home, STUFF, and have retirement assets accumulated. Our son is now a legal adult and might be the person dealing with the assets when we depart.  Additionally, neither my husband or myself has created a healthcare directive.

My first stop was to see what resources I can get here at the library.  I already enrolled in the Estate Planning course offered on the new KPL Money Smarts digital financial wellness tool. By filling out a simple quiz, the course was tailored specifically to my situation. 

I was also able to place hold on three personal estate planning books that proclaim to help without an attorney.  I may or may not try to do this on my own, but I’m grateful for the resources and would love to save funds for a vacation instead! 

As far as resolutions go, it’s not very glamorous but the idea of having a proper plan to guide my loved ones when they are grieving makes me feel good. I don’t want my son to have to guess my wishes or struggle through probate if it can be avoided.

Have you ever thought about what happens if you don’t have a will or estate plan?

If you don’t have a will, when you pass away, your estate will be subject to the laws of intestacy in the state where you reside- in Wisconsin it is called the Universal Probate Code. These laws typically give your property to your surviving spouse and/or children but it can become messy when second marriages, adult children and step children become involved. If you have no relatives, the state may be able to keep your property!

Not having a will in place can cause many complications for your family, including the following:

• Your property may be given to a relative with whom you did not have a close relationship
• Your spouse or children may not have immediate access to the funds they need for your final expenses
• Your romantic partner to whom you are not married may not receive any of the assets you would have left him or her
• Someone you did not want to take care of your minor child may be appointed as his or her guardian
• Your spouse, to whom you are separated, may become the executor of your estate

If you needed a reason to take action, consider this post and the perfect timing of the new year.  KPL Money Smarts is available 24/7 online and knowledgeable library staff are here in the branches to help with the journey. I invite you to join me and take action this year on this incredibly important issue.