The Affairs Organizer Blog

Why Thanksgiving as a deadline?  It’s conveniently close and it’s something your loved ones should be thankful for if you actually do it.

A will (sometimes known as a “last will and testament”) is the legal instrument that enables a person (the “testator”) to make decisions on how, after death, his/her estate will be managed and distributed.

It is very important that you have a current and valid will.  Otherwise:

(1) If you die without a valid will (“intestate”), the laws of the state you live in will determine such critical issues as who raises your children and what happens to your assets.  Moreover, if you have no will when you die and you have no heirs in the eyes of your state’s law (e.g. living children or parents), all of your assets will become the property of the state, instead of the friends, relatives or charities you would have chosen to inherit them; or

(2) If you die and have an out-of-date will, it may be declared invalid if it doesn’t properly meet legal requirements (see “intestate” above); or

(3) If you die and have an out-of-date will that is valid, it will require that old decisions be carried out, even if they don’t reflect your current wishes or circumstances.  For example, you may end up leaving your entire estate to an ex-spouse instead of your favorite charity (or book publisher).

- Source: “The It’s All Right Here Life & Affairs Organizer” (www.AffairsOrganizer.com) written by yours truly.