Updated My Will January 21
The first major make over for 2008 is I updated my Will. For a lot of people, writing a Will is something you procrastinate on. It is something to be taken care of someday in the future, when you have the time. I’m a little different in this aspect.
I’ve written my first Will when I was still single, in my 20s with not much assets to speak off. How come I thought to leave a Will? Well for me, dying is something guaranteed. Nobody’s going to leave this planet alive right?
For my first Will, I copied and modified a Will from someone to suit my needs. It was just a simple one then. Several years ago, when I tied the knot with Mrs. Ed, I made some changes. Still don’t have much to my name. This year, I finally decided to have my Will written by a professional.
I was invited to a presentation on Will and trust. Being curious I went to listen and to learn some new things. And I was convinced to do my Will professionally. Using a professional service, I actually changed 2 key things.
The first is on having guardians and second is on a corporate executor and trustee. Mrs. Ed and I don’t have children, so in my previous Wills, there wasn’t any provision made for guardians. Why bother right? In my updated Will, I made a provision for children. The main reason is because, just in case baby comes and we become too busy, too tired to think of rewriting the Will, then Baby Ed would be okay.
The second change is more important. In my previous Wills, I’ve name 2 close relative as my executor. I thought that it would be an honor for them to be my executors. Since I trust them. Little did I realize the amount of work an executor will need to do. I never thought that my stuff could be a burden to them. Apparently, the executor’s job can be a lot of hassle.
Now that my wife is involved in a business, (hopefully doing better in the future), and my second executor is rather in a senior position in a multinational company, I thought of the hassle and the time cost of having them as my executor. Plus these guys could get things done faster than if you don’t know how.
So I finally use a company that specially handles estate administration. After I’m turned back to ashes or worm food, they will administer my estate for a small fee which I think is reasonable. The trustee act in my country allows an executor to charge up to 5% of the estate value. This company only charges 2%, then a lower scale amount as the estate value increases.
I guess the thing that made me finally decide to pay a professional to handle all this is the 80-20 rule. In order to make more money, I’ve got to focus more on the aspect that will generate more money for me and my family rather than doing something almost right.
By the way, I almost could not find my previous Will. Goes without saying. If you can afford it, use a custody service do so. Last but not least, if you are living in a country where a lawyer is expensive or you feel there is not need to get professional advice, then at least consider a cheaper alternative like online Wills. Online Wills should be able to take care of most situations unless you have an ex-wife and children from another marriage, or step children. Things that might complicate matters. There are many around. Besides that, you can also get software like Quicken Willmaker.
