GUEST ARTICLE:
You have all heard the saying:'Failing to plan
is planning to fail.In an IFR situation, your planning is generally efficient
for the best possible results. I cannot think of any situation where you would
willingly fly in marginal weather without making sure that your aircraft was
properly equipped nor would you fail to file a flight plan. You would likely
consider this using common sense as your training has suggested that you view
it this way.
I've had the chance to have conversations with several pilot friends who are some of the smartest, best trained, people I know. When they are in their element, their comfort zones, they are generally top performers ready and able to handle any challenge that is tossed their way. On occasion, our conversations have turned to general life planning situations and one of the main questions I always ask is:'Do you have a will?' I am often amazed at how many times I hear the answer:No.
Some presume that they do not need a will because they are not 'rich'. Others think that they don't need one because they don't have any children to look out for. Circumstances may differ from state to state, but in Illinois should your spouse die and a signed will is not on file someplace, the end result is that the State will take half of what you own while the remaining half goes to your mate. Imagine being in that situation; you are dealing with the stress involved with losing a loved one only to find out that half of your assets may not be yours any longer. You might be able to successfully overcome that situation but certainly not without the help of a good, qualified attorney, and likely a fair amount of cash.
If you have children and no signed will is on file, the surviving spouse gets one half of the assets while the remainder passes to the children. If the children are minors, the court might opt to appoint a guardian for the property being passed to the children making a potentially difficult situation even more so. Individual State laws might not allow the surviving parent to be appointed as the guardian and this means that your husband, or wife, is still responsible for raising the children but with no control over their half of your property.
The solution is easy. You can avoid these pitfalls by talking with a qualified attorney and get this portion of your life planning taken care of today. You generally exercise every caution possible when flying in the clouds. There is no reason you should be any less prepared for a life changing event.
Smooth landings,
I've had the chance to have conversations with several pilot friends who are some of the smartest, best trained, people I know. When they are in their element, their comfort zones, they are generally top performers ready and able to handle any challenge that is tossed their way. On occasion, our conversations have turned to general life planning situations and one of the main questions I always ask is:'Do you have a will?' I am often amazed at how many times I hear the answer:No.
Some presume that they do not need a will because they are not 'rich'. Others think that they don't need one because they don't have any children to look out for. Circumstances may differ from state to state, but in Illinois should your spouse die and a signed will is not on file someplace, the end result is that the State will take half of what you own while the remaining half goes to your mate. Imagine being in that situation; you are dealing with the stress involved with losing a loved one only to find out that half of your assets may not be yours any longer. You might be able to successfully overcome that situation but certainly not without the help of a good, qualified attorney, and likely a fair amount of cash.
If you have children and no signed will is on file, the surviving spouse gets one half of the assets while the remainder passes to the children. If the children are minors, the court might opt to appoint a guardian for the property being passed to the children making a potentially difficult situation even more so. Individual State laws might not allow the surviving parent to be appointed as the guardian and this means that your husband, or wife, is still responsible for raising the children but with no control over their half of your property.
The solution is easy. You can avoid these pitfalls by talking with a qualified attorney and get this portion of your life planning taken care of today. You generally exercise every caution possible when flying in the clouds. There is no reason you should be any less prepared for a life changing event.
Smooth landings,
Mike Lichtfuss, Financial Advisor,
ProEquities Inc. 630-319-0447
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