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I am a widow with a home, property and two large dogs. My health is fairly good, but I’m getting older and starting to question what moves I should make to secure my future. I have no will, as most of my relatives have passed away. I do have a few grandkids who live far away.
I do not know where to start on securing my future in case I get ill, owning my home vs. renting (expensive), and whether I should move to another small, SAFE town with medical facilities. If I die, who would get my home, money and so on? My dogs are important, too.
I’m undecided on what to do and where to start, as I’m not getting any younger and I have no spouse to help with any decisions.
-C.
Dear C.,
Focus on the most pressing issue: You don’t have an estate plan. That’s something even healthy young adults should have, but it becomes more important as you age.
There’s a saying in estate planning that if you don’t have a will, your state has one for you. In other words, when you don’t document your wishes, your state’s intestacy laws decide who gets what. If your grandchildren are your closest living relatives, they’d probably inherit your property after a drawn-out probate process. Likewise, if you become unable to make decisions on your own behalf, a court would also appoint someone — probably your closest living relative — to make decisions on on your behalf.
My two big concerns are: What would happen to your dogs if you died or became unable to care for them? And who would you want to make decisions for you if you become incapacitated?
Before you create your estate plan, do a little homework. Is there anyone you think might be willing to care for your dogs if necessary? If so, ask them if you can leave your pups to them in your will.
It’s important to note that even though pets are cherished family members for many of us, they’re considered property under the law. That means they can’t inherit money.
If you find…
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