Do You Need a Will?

By Beverly DeVeny, IRA Technical Expert

Follow Me on Twitter: @BevIRAEdSlott

Wills have been around for a long time. The oldest known will was found in a tomb in Egypt and dates to 2548 BC. It doesn’t matter if you are young, old, or in-between; if you own property – you need a will. And here is another article we did on where to house your will.

Almost anyone who has reached the age of majority owns some property. If you are young, that could consist of your car, your checking or savings account, your computer, your cell phone, and your MP3 player. If you are older, you likely have a more complicated estate.

Your will can be simple. The two shortest wills on record, Karl Tausch – “all to wife,” and Bimla Rish – “all to son,” are only three words. Or it can be as complicated as you want to make it. The longest will on record was by Fredericka Evelyn Stillwell Cook who died in 1925. It was 1,066 pages and was mostly in her own handwriting.

Many famous Americans have died without a will. Among them are Barry White, Kurt Cobain, Sonny Bono and many others in the entertainment industry. Howard Hughes, Martin Luther King, Jr., and Abraham Lincoln also died with no wills and Lincoln was an attorney!

In many cases these estates were not settled for years due to conflicting claims from wives, ex-wives, girl friends, children, illegitimate children, other family members and creditors. Don’t let that happen to your loved ones. If you don’t have a will, get one. If you have not updated an existing will in several years, review it and change it, if necessary. And don’t try to cut corners or costs here. Simple mistakes in do-it-yourself wills can cost your beneficiaries later. If you have more than a three word will; you should probably consult with an attorney.