What is burning on your "to do list" that absolutely cannot wait another day? I know . . . Christmas shopping, holiday prep, laundry, remodeling and a million other things. Most of us are not Roman Blum, dying in 2012 and leaving behind $40 million in assets with no known living relatives, but every year many of us who should know better- parents, baby boomers and any of us with any sort of assets- set ourselves up for a similar situation. NY Times, “He Left a Fortune to No One,” April 27, 2013.

A survey taken by rocket lawyer in 2012 revealed that half of American parents and 41 percent of baby boomers did not have Wills in place. rocket. Many of the respondents of this survey did not believe that they needed a Will or “intended” to have one drafted later. Statements such as this regarding intention beg the question, how many of the respondents “intend” to know when they will pass away?

At the head of this procrastination to create a Will is one basic question. Is it the end of all that I know if I die without a Will? In short, no, it is not the end, but let me give you a run-down of what will happen without your creation of a Will:

Guardianship of your children (if you have any) will go to your parents;
Your assets will be split among your spouse and children; and *
Your dog, grandma’s linens, wedding albums, great grandmother’s china and other treasures, will end up wherever they will.

You may look at this little list and say, “It is not that simple.” Well, you are completely right! Every individual and family situation is different and therefore, leaving all of these decisions to a de facto law with absolutely no knowledge of your family or your wishes is, to put simply, ridiculous.

If you think about your Will this way, maybe you should make your Will something important on your “To Do List” this year? Let’s live in the real world, the entire list will never be done. Create a basic worksheet of your assets and fiduciaries, those that you would like to handle things should something happen to you, this worksheet is not a Will nor will it be a substitute for one, but it is a good start to working through the tough spots of figuring out what you need to get done and should have you in a good position to finally get that Will completed.

*This is a complete generalization not taking into account jointly held assets or the
parentage of children.