Yesterday my husband and I signed our revised wills. It had been 10 years since we first drafted our wills, and they were woefully out of date. Since then, we have purchased multiple rental properties in our personal names and created a thriving business. The properties weren't really a concern as most people know how to handle them, but the business was.
Who would run the business if we died? Who would be executor of such a complex estate with a blend of regular rental properties and lease option properties with scheduled future purchase dates, not to mention the multitudes of associated mortgages? I could not imagine my grief-stricken parents or brother attempting to wade through this mess shortly after my demise. How horribly unfair to them it would be.
Then there are other questions that apply to every living person - what happens if I am incapacitated and unable to handle my personal, medical, and financial affairs? Without direction, how can a loved one be expected to know when I would want them to "pull the plug?"
Well, we now have a plan in place. We have a will, a personal directive, and a power of attorney. These will protect our children and our legacy, and make life easier for grieving family because they won't be required to make critical decisions without guidance.
I can rest easy....how about you?