The Strength of Will to Keep Your Family Together - Summer 2005

Where there's NO will, there's a way the government will assume control of everything dear - including your children.

After the birth of their second child, Dawn and Derek Reese decided it was time to put a plan in place for what would happen in the event one or both of them should die before their children were fully grown.

"We thought we'd given the task the gravity it deserved," says Dawn. "We sat Derek's sister and brother-in-law down and very formally asked if they would raise the children in our absence."

"When they agreed, we thought we were done." she admits. "We were wrong."

Four years and two additional children later, Dawn was shocked to learn that without a will, the best laid plans mean nothing.

"We knew we needed a will to allocate our remaining assets according to our wishes. But when it came to our most important assets - our children - we simply assumed they would be cared for by our surviving family."

Not necessarily so, says Pat Kennedy, Branch Consultant at Rice Financial.

Since without a legal will, the government assumes control of everything you leave behind — including children, it's quite possible surviving dependents will initially be placed in foster care until suitable arrangements for long-term care have been made, says Kennedy.

"Even when relatives express a desire and willingness to assume responsibility for the children, bureaucracy often makes it a long and painful process," he says.

Aside from the potential to tear a family apart physically, dying intestate, or without a will, may have other significant emotional implications for survivors.

Candace Robinson recently learned this unfortunate truth firsthand.

As the only daughter in a family of five, Candace was raised to believe she alone would inherit her mother's treasured jewelry, including her engagement and wedding rings.

For all her promises however, Candace's mother never included her wishes for the jewelry in her will, likely assuming her sons had no interest.

"Then when she died, my youngest brother claimed my mother's rings for sentimental reasons," Candace says. "He was getting engaged and wanted his fiancé to have them."

"To this day, the dispute has not been settled and my relationship with my brother has been irreparably damaged."

Kennedy is all too familiar with the scenario.

If the financial considerations aren't enough to convince you of the importance of spelling out your final wishes in a legal will, consider the emotional impact on the people you leave behind, he says.

"Beyond the potential tax advantages, your family will appreciate the certainty knowing your final wishes are being carried out exactly as you intended."

"Don't leave your family's fate to the will of the government or some other impersonal third-party administrator," Kennedy adds. "Make a legal will and make it now."

Dawn and Derek Reese agree.

"I can't bear thinking about what our children would have endured if we had both died without leaving a will," Dawn says. "Now, we can go on with the business of living, confident our children will be well taken care of if something were to happen."

If you're having trouble getting started, a financial advisor specializing in estate planning can help. From there, you will need to consult a lawyer, Kennedy says.

"Whatever you do - for your family's sake - don't put it off another day."