Plan for the Unexpected......

Joseph Henry Smith
June 1, 1974 - June 22, 2008


Today's subject may seem off topic or something you shouldn't have to think about for many years .... but I am going to tell you a true story and the nightmare that has followed.

A year and half ago my 34 year old cousin was killed in an instant in a motorcycle/automobile accident. This was not his fault, he was wearing a helmet, leather jacket and jeans on a hot June day. The driver of the car a 79 year old women turned right in front of him. If this wasn't tragic enough - He did not have a will or life insurance. Since he did not have a will his estate has to go through probate.

Probate is the legal process of administering the estate of a deceased person by resolving all claims and distributing the deceased person's asset's.

If he had a will - he could have had his asset's distributed to the people or organization's that he choose. Not having a will - the decision goes to the courts.

Here is the tragic part of this story. Joe had not been in contact with his biological father for over 15 years. His father was extremely abusive and he had cut all ties.

Being that he died without a will - his mother and father equally are entitled to what is left in his estate. Something that Joe would NEVER have wanted.

Had he had a will this could have been wrapped up in a few months - distributed the way he would have wanted and not had the courts, lawyers and every detail of his life examined by the courts. 18 months have gone by and it is still not resolved. His mother, who Joe was very close with has had to deal with the fact that her only child has passed away and is left dealing with an unreasonable ex husband. The loss of her son was more than she could handle but the fact that she has to continually relive his accident and fight to get this finished - is unbearable.

The one simple act you can do right now is - get a will. You can get one done on line with Legalzoom for under $100. If your family has an attorney - that is another option although it might be a bit more expensive. The main point is to have a legal document that will state your intentions if something should happen to you. If you have children - stop reading right now and go get a will. Are you really willing to leave it up to the courts - what happens to your children?

Secondly, he should have had life insurance. As a young person it is very very inexpensive to get about $100,000 in insurance. That will cover your funeral expenses and cover your debts. If your parents have co-signed student loans for you - they will be responsible for the debt. Life insurance can alleviate that additional burden. If you have children - you should have more insurance as you need to leave money to have them taken care of. If your spouse is left without your income and now has additional expenses, as well as, being devastated by a sudden loss - life insurance will give a cushion to get them through the changes that will need to take place. It may be used to set up college funds, or just keep a roof over their heads. If you are a single parent - it is imperative that you have life insurance as the guardian of your children will have many changes to incorporate them into their lives.

We never want to think about our mortality but it is a reality. As part of Generation Millionaire - these are responsible actions to take and we can be assured that our wishes our followed and we don't leave loved ones in additional turmoil.

We miss Joe everyday and cherish the memories. Godspeed Joe

Stay tuned......