Your Title is... Will

Updated: Mar 7, 2020

Mr. Harris had a gruesome accident. He got pinned under the wheel of his tractor and laid there for a day until he was discovered. Mr. Harris had a remarkable presence of mind to inscribe these words “In case I die in this mess I leave all to my wife” on the fender of the tractor. His lawyer noticed this and presented this as his "Will" in the court. The judge accepted it. This fender is on display in the law library of the University of Saskatchewan.

Fewer than half of the Americans have written will, according to Gallup. 75% of people aged over 55 who earned more than $75,000 had a will. If you are less than 55 years of age, you are more likely, did not take time to write down your will. If so good news, the state in which you live had already written your will. The bad news is your dependent and beneficiaries will end up in court to exercise your State’s will, not yours.

No one will buy your car without a title. No one will buy your home without a title. Your state government will not buy your thoughts without your will. This is the only document that establishes, you, the rightful owner of all your assets including your children, in your absence. This document tells your state government that this is your private property and to stay out of it.

Start with a minimum viable living will and revise it every year along with your tax submission. Every April keep updating your assets in your will. Assets not covered under the will, will require your beneficiaries to pay higher taxes and settlement costs. It just takes a few things to get it done:

  1. Decide your beneficiaries

  2. Decide on your executor — who is going to carry out your will

  3. If you have kids — decide who will be their guardian

  4. Put it in an easy place to find it

This will save you and your family a tremendous amount of time and money. Don’t wait for the genius moment to strike you. Start with simple homework.

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