Just want to make a point for two of the comments I saw:

Depending on what state Holly P is in, she may be incorrect. In California, the short answer is that the surviving spouse is responsible for the deceased spouse’s debt.

Affidavit of Heirship is not an option for decedent’s estates exceeding certain amounts, e.g., $100,000.00

If I died, my estate would not be responsible for it. Based on that and the low interest rate, I’ve decided not to make any extra payments on it… ever.

1) A focus on the material (i.e. materialism)specifically, and consumerism, more generally, are counter to good financial health. Having “nice things” and “treating myself every once in awhile” are symptoms of the disease of materialism, which inhibits well-being and jeopardizes saving.

2) Acquisitiveness is partly to blame for the damage being done to our environment in the name of “progress”, “wealth”, “success”, and other monikers associated with super-capitalism. What “stuff” we pass-on to our heirs is of little use when they are forced to live in an inhospitable world. To truly benefit our heirs, we need to significantly reduce our consumption levels, and work toward cultural change that can increase the possibility that our heirs will thrive.

I’ve never done a column on the “death list”, though I’ve mentioned it in passing a couple of times. It’s basically a list of my accounts and account information. That way if I get smashed while riding my bike, Kris knows where to go to get my money…

His will stated that both boys would share equally. The 9 year old did not have a will for his half.

What happened??

The remaining son was just 12 & a minor & the wife long gone came back for her 2nd 1/2 (Commmunity Property in Washington State, so she got her 1/2 8 years prior) & now stood to recieve her 9 year old sons 1/2.

All because the will did not state: or his assigns – ie: passing on his 1/2 if unable to use it himself – giving all to the 12 year old.

Grandma continued raising the 12 year old, who today is doing aok due to loving family support and counseling along the way.

At attorney from your own state can be critical in setting up final wishes. Laws vary from state to state & you can’t write them out after the fact.

What 9 year old has a will?

It was a MESS at the time & effected many to this day.

Dot the I’s and cross the T’s folks.

Please

We will probably price and make arrangements for the cheapest possible cremations.

We are an example of a new reality. We’re not leaving anything, but not necessarily by design. We see no point in trying to set money aside for our kids after we die. If we did have money, we’d rather help them when they need help, than leave them money when we’re dead.

I enjoy the blog, truly useful.

J.D.’s comment at the end could be a whole topic on its own. I handle everything related to our finances in our home. If I were to pass away right now my wife would be a bit lost as to how to handle everything. I better get to putting together my death list!

Sorry for my rant but great post and great comment. Wills need to be a lot more emphasised, it’s not something just for the more mature generation.

Cheers,
Wahid

Thanks.

While I know this is a personal finance blog and the focus of this topic is debts and assets after debt, I’d encourage anyone to create the most basic of wills that give someone you trust the ability to make decisions on your behalf if for some reason you are unable to do so.

Just updated my beneficiaries to include my son as secondary beneficiary on my work accounts. Even though he’s been around for more than 3 years, when I listed beneficiaries he didn’t exist yet. Thanks for the suggestion!

Also signed up for long-term disability for the first time in my life. The past year studying personal finance convinced me it’s important.

I generally agree with the idea of minimizing the accumulation of “stuff”, but money in the forms of savings and investments IMO are the antithesis of “stuff”. Those who have “stuff” have generally had to pull from potential savings or investments to obtain “stuff”.

One’s willingness to accumulate savings and investments over a lifetime at the expense of “stuff” enables him/her to provide a wonderful gift to his/her beneficiaries. What better way to show one’s love for family and friends than to make that kind of sacrifice?

It is also your opportunity to express love and affection for some and to deliberately disinherit people who have no business with your assets, such as a drug-addicted parent or sibling.

It’s an interesting (though, IMO, flawed)philosophical position but not really germane to this discussion.

@ Holly p (comment 5) I think this depends on the state in which you reside. In the state of Washington, I think all debt is owned by both spouses if it is established within the marriage, period (it’s true for divorce proceedings, anyway).

My husband and I don’t have children and have no plans to do so. We don’t have wills set up. How necessary is it that we do so? I’d like to know more about probate. Please do a follow-up article!

Why? I work hard, I’m not wasteful, I enjoy some nice, high quality and expensive things here and there. If I would like to leave a small fortune to my children, on what grounds can you judge that to somehow be an immoral goal? I’m not trying to take anything with me, I’m leaving it for those who will be left behind for awhile.