I Am Updating Our Wills

will testamentIt’s been awhile since we had our wills drafted. We have a “subscription” to a company named Legal Shield. For about $26/mo and have access to a local law firm, as well as identity theft protection. We’ve used the legal benefits before, but Jay’s company now offers something similar and we’re thinking of dropping Legal Shield. Not sure if we’ll keep the identity theft protection. I have alerts set on all my credit cards and I check our bank activity regularly. When we were the target of credit card fraud a few years ago, it was me who immediately discovered it, not the identity theft company.

Anyway, one of the benefits is having them draft a boilerplate will, free for the main member, and $20 for a spouse. We had this done years ago, but we are redoing it. The kids are no longer minors. The guardians we appointed back then are no longer married. And I’m changing executors.

Having a will is a good thing. It does not, however, mean that your estate will avoid probate – something many people erroneously believe. Probate is avoided by having beneficiaries designated on all of your assets. We have this done for our mutual funds and 401Ks, etc. But we haven’t recorded Beneficiary Deeds for all our properties – something that is on my To Do list.

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