Today we are going to talk about “what is a will” It’s not what you think. Most people run into my office as an estate and elder lawyer and ask …”I need a will! I need a will! Can you give me a will?”
You know what? You already have one.
By statute, here in Missouri, if you don’t have a will when you pass away 50% goes to your spouse and 50 percent goes to the kids. Maybe that’s what you want, maybe it’s not. If you want something different, that’s when you write a will. But, the BEST will is one that’s never ever used. It just collects dust in the corner, because what you really want to do, and what cost nothing, you don’t pay a lawyer for that, is to go to each one of your banks and investment houses of your assets and ask for a Pay on Death,
Beneficiary Designate, or Transfer on Death that particular asset. They all mean the same thing: Pay on Death, Beneficiary Designate, or Transfer on Death.
What they mean is that the moment you breathe your last breath, and it’s a legal fact, it becomes the property of the person you designated. You don’t need a lawyer for almost any of it. Go to your bank today and say “Pay on Death” on my account. I want 100 percent to go to my spouse.
Remember: Pay on Death (POD). “Pin the tail on the donkey,” That’s what we are doing. We are saying this asset, right here, my bank account, I want 100 percent to go to my wife. This asset over here, my 401(k), I want to give 50% to the wife and 50% to the kids. This one over here, that’s my car, I want a transfer on death to my brother. He always wanted it. So let’s give him that old Mustang.
Here’s what I’m telling you. Wills are not as valuable as you think they are. The best one is one that’s never used because you did the Pay on Death and Beneficiary Designation forms that are free to you at most of your banks and investment houses, etc. If you want to know more about wills and Pay on Death and things like that, my name is Martin Jansky. I’m an elder law and Estates lawyer. You can find more informational resources at jansky.com.
Have a good day!