It’s the end of the year, and I’m trying to put things in order to gear up for the new year. One thing my husband and I really need to do is revise our will.
We actually have a will, though it was written long before our second child was born. Since it was written, we have moved to another city, had another child, and our financial situation has changed somewhat. So, it’s time to revise.
Last year we learned the hard way what happens when you don’t have a will. My father-in-law passed away a year ago without a valid will. Fortunately his estate was pretty small, and he had no dependents, so everything was pretty straightforward even without the will. The whole process would have gone a little bit more quickly if he had had a will, though.
What are some reasons that people don’t have their wills drawn up? I think one of the main reasons is that they don’t want to face their own mortality. I’m a safety person, so that reason doesn’t really bother me. I’d much rather have things official and taken care of before I die.
Another reason is lack of money. When you have children, you want to make sure everything is done correctly, so there is no question as to who will be in charge of your children when you die. This means contacting a lawyer, which costs money. I think our will cost about $500 eight years ago, and it was very basic. Still, it’s important to make sure your children are taken care of if you die.
And that brings me to another big reason people have a hard time making a will. Who will take care of the children? I think this is the primary reason we haven’t revised our will. Our families aren’t ideal candidates for raising our children, due to health and lifestyle issues. So we have to try to find friends who wouldn’t mind raising our children and who wouldn’t mind accommodating our extended family as well.
It’s a tough decision, and one not to be taken lightly. Still, it’s a decision that has to be made. Now we just have to make it.
So, do you have a will? If not, why not?
Photo by tata aka T.
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I'm just an average mom, trying to live a frugal life and get out of debt. I write about things that have (and haven't) worked to improve my family's financial situation. What works for me may or may not work for you, and you should always consult a financial advisor before making important financial decisions.
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