You can accidentally disinherit those persons that you want to get your stuff. This is part 7 in the series – failure to prepare a will.

7. Disinheritance by failure to prepare a will.

Lots of people over the years have inadvertently disinherited loved ones, either since they had not yet made ready their wills or their wills were dated.  Statistics shows that males between the ages of 35 and 39 are the demographic that most die without a will.

What’s odd is that having a will is not really just about who gets your possessions.  Many times, it is the non-financial things that are the most crucial, such as naming someone to take care of your children or having a durable power of attorney (whether financial or for health care decisions).

Staring down the reaper.

Let’s face it, no one likes to draft a will. It reminds us too much of the imminence of death and the fear of the unknown. It is often as unpleasant for parents to talk honestly about their last wishes with their kids as it is for their kids to bring up the subject with their parents.

Still, the best solution is to do this in advance.  Once you get the basics in place, then you can leave it alone for years on end.