Do you have a will? Odds are you answered no. Somewhere around 70% of us don't. It's not something we want to think about needing, or we know we need it but we can put that $500 to better use. The truth is we will all need one someday in the hopefully distant future. The problem is most people never get around to making one. Newsflash in case you didn't know, the state or other government entity where you are has one for you if you don't.

The problem with that is the will provided by the state benefits the state. They are going to take a large chunk of what you have for themselves and leave your spouse and children with the crumbs. The State of Texas clearly states in it's will that you want the government to use your assets, not your family. All of the available death benefits shelters go out the door. That's the first tidbit of bad news.

Now for the second tidbit of bad news. What happens to your minor children? You assume that your spouse will automatically have custody right. Not true. It's up to the state who gets the children. Blended families are a fact of life. If you have custody of your children and have remarried and something happens to you; your children can be taken out of the home they know and sent to live with the other biological parent. So on top of losing their parent they can be thrust in to an unfamiliar environment when they are already traumatized. If they don't have a relationship with that parent, imagine what they will go through.

Having your own will drawn up can prevent these problems. First of all you dictate where your assets go. you can make sure your family is provided for. Second you can lessen the trauma on your children by ensuring they will be with someone you trust to care for them and support them at the time they need it most. Only 30% of us have made sure that our wishes will be carried out. Only 30% of us have arranged for our children to be protected.

But even among the 30% that have a will, there are problems. Their will is not current. Circumstances change and you need to change your will accordingly. Have you divorced, remarried or had an additional child? You need to update your will regularly to reflect your current circumstances. Yes it's costly but your family is worth it.

Article Source: http://www.mykidsinheritance.com/articles

Cheryl Baumgartner is an Identity Theft Risk Management Specialist and Independent Associate with PrePaid Legal Services. She can be reached by e-mail at legallady01@hotmail.com or visit her website for more information www.prepaidlegal.com/info/cheryl63

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