The Investment Scientist

Posts Tagged ‘will

ImageI bet you didn’t know that this week, the third week of October, is … drum roll please … National Estate Planning Awareness Week!

Seriously! Congress established it in 2008 in House Resolution 1499.

I only know this after getting an email from my estate planning attorney friend. I think you should read it as well.

According to the resolution passed by Congress, “Many Americans are unaware that lack of estate planning and financial illiteracy may cause their assets to be disposed of to unintended parties by default through the complex process of probate.” The resolution goes on to state that “careful planning can greatly assist Americans in preserving assets built over a lifetime for the benefit of family, heirs, or charities.”

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Judge’s gavel

Why do I need an expensive lawyer to do estate planning for me? Why can’t I just write my will on a piece of paper with two people as witnesses?

This is a question I got from a woman who owns 11 properties in 5 different states. Here is how I explained it to her.

It’s a bad idea to write your own will. Each state has its own descent and distribution law that governs the distribution of the estate of the deceased.

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Author

Michael Zhuang is principal of MZ Capital, a fee-only independent advisory firm based in Washington, DC.

Twitter: @mzhuang

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