Blog Layout
Do I Need A Will?
talessi@ariesfoundation.org
Who Needs A Will Anyway?
WHO NEEDS A WILL?
We know what you're thinking; I'm young and single---I don't need a Will, right? Maybe. Here's a quick look at who needs a will and who can get away without one (for now).
What does a Will really do?
If you pass away and have a Will: Your property and assets will be distributed according to your wishes.
If you pass away and don’t have a will: State law governs who gets your property and assets—this is called “dying intestate.” Usually, your spouse and/or children will take priority and inherit your stuff, but that’s not necessarily true.
If you don’t have a spouse or kids, then it gets a little more complicated.
When do you need a Will?
There’s a lot of debate among professionals about who needs a Will. And while you can make the argument that it’s always better to have a will, here are the specific categories of people who need (and who don’t need) a Will.
ARE YOU MARRIED? You need a Will.
If you are married, then you need a will because your spouse is someone who is so closely tied to you that it’s important for you to put in writing whether she or he gets your assets upon your death.Traditionally, your spouse would likely inherit your things, even if you die without a will, but you shouldn’t leave that up to chance. Additionally, if you want anyone other than your spouse to receive any of your assets, you would need to specify who and what they would receive as part of your Will.
DO YOU HAVE KIDS?
You need a Will.
If you have kids, you need a Will because your kids are likely to inherit your things if you die intestate, after your spouse, but not necessarily. This means that if you want your kids to inherit after your spouse, then you need to put that in writing, because otherwise it is the court or State law that makes the decision. Additionally, if you don’t want one of (or any of) your kids to inherit, then that needs to be documented in writing as well. Regardless of which you are leaning, it’s very important that you have a Will in place so that the decision is being made by you, not the state. Another reason why a Will is important is if you have minor children (under 18) because you name an executor of your estate and a guardian of your children. The executor is responsible for distributing your assets, and the guardian is responsible for raising your children. Who you name as executor and as guardian is critically important to how your children inherit and how they are raised. You can (and should) change your Will over time. For example, if you have two kids, create a Will, then ten years later, have another kid, you will need to update your Will to include your third child.
DO YOU HAVE A POSITIVE NET WORTH?
You need a Will.
If you are single, with no kids, but you do have a positive net worth, ie. you have more assets than debt, then you should have a Will. Getting more detailed that if you have assets that exceed, let's say $100,000 or more, then you should be looking at a living trust, which goes into effect right after it’s signed. When you have assets that need to be distributed when you die, it’s almost always easier on your family to have a Will or a Trust in place. When it comes to death, clarity is the operative word.
ARE YOU YOUNG, SINGLE, BROKE with NO KIDS?
You don’t need a will (yet).
Your Will directs the distribution of assets, and if you don’t have many assets to distribute then you may be okay without a Will. For example, Jeanie is single, she doesn’t have any kids, is 28 years old, and has a lot of student loan debt. Jeanie really doesn’t need a Will yet, because she doesn’t have dependents and she doesn’t have assets.
If you get married, have kids, or come into assets (money or property), then it’s a good idea to get a Will.
HOW TO SET UP A WILL
You need to take some time and think about your situation. How do you want your stuff handled? Again, if you have minor children then who will be responsible for them? Creating a Will raises a lot of questions, for this reason the ARIES Foundation recommends reaching out to an estate attrorney who can help guide you through some of these concerns. Because when it comes to estate planning and deciding the things you have to decide, you’ll want to get advice from a knowledgeable team. At the end of the day, making a mistake isn’t worth it. The better prepared you are, the better your wishes will be carried out. This way you have full control around these important decisions while you are alive and can learn about all the differences between, for example, Wills (which go into effect when you die) and living trusts (which go into effect immediately after they’re signed).
SUMMARY
A Will is a legal document that dictates the distribution of assets when you die. If you die without a Will, state law governs.
- You definitely need a Will if you are married, have kids, or have a lot of assets.
- You may not need a Will if you are young, single, childless, and broke.
- A Will is not something you should draft yourself.
GOT QUESTIONS? ASK US. WE CAN HELP WITH THAT!
ARIES Foundation for Financial Education, Inc. strongly recommends reaching out to a professional, whether that is for legal concerns, tax help, or investment advice to get your questions answered. Don't have a professional to talk too? We are here to help guide you and connect you to a professional who can answer your questions.
Have you ever noticed how New Year's resolutions seem to lose their sparkle by the second or third week of January? If so, you’re not alone. Statistics show that most people abandon their resolutions within a few weeks of setting them. But why does this happen? The reasons often lie in how we approach our goals and the mindset we carry into the new year. One of the biggest culprits is setting unrealistic goals. Many of us feel a surge of motivation on January 1st and decide to aim for major life changes all at once—like losing 30 pounds in a month or working out every single day without fail. While ambition is admirable, these types of goals are often unattainable in such a short period, leading to frustration and eventual burnout. Another common issue is the lack of a clear plan. Resolutions often start as vague statements like “I want to get fit” or “I’ll save money this year.” Without actionable steps or measurable milestones, it’s easy to lose track of progress or get overwhelmed by the enormity of the goal. Without structure, even the best intentions can falter. Motivation fades quickly after the excitement of the new year dies down. Motivation is often fueled by novelty, but real change requires discipline and consistency—two traits that are harder to maintain over time. By mid-January, the initial enthusiasm often gives way to old habits, especially if we don’t have systems in place to reinforce new ones. Social and environmental pressures also play a role. Life gets busy, and as the demands of work, school, or family creep back in after the holiday lull, resolutions take a backseat. Pair this with temptations like junk food or the comfort of skipping the gym, and it’s no surprise that many people give up. Finally, many people don’t account for setbacks. Whether it’s missing a workout, overspending on a shopping trip, or indulging in an unhealthy meal, one slip-up can feel like a failure. This "all-or-nothing" mindset often leads to abandoning the resolution entirely instead of adjusting the plan. ________________________________________ Strategies to Overcome Quitters Day Breaking the cycle of quitting isn’t just possible—it’s entirely within your reach with the right mindset and strategies. Let’s dive into how you can overcome the challenges of Quitters Day and stick to your resolutions long-term. 1. Set Realistic and Measurable Goals The key to success lies in creating goals that are specific, measurable, achievable, relevant, and time-bound (SMART). For example, instead of saying, “I’ll get fit this year,” try “I’ll exercise for 30 minutes three times a week.” By breaking big aspirations into smaller, manageable steps, you’re less likely to feel overwhelmed and more likely to stay on track. 2. Build Consistent Habits, Not Just Motivation Motivation is fleeting, but habits are sustainable. Focus on creating daily or weekly routines that make progress automatic. For instance, if you want to eat healthier, prep your meals in advance or stock your kitchen with nutritious options. Building habits takes time, but once established, they become second nature. 3. Accountability and Support Systems Having someone to hold you accountable can make all the difference. Share your goals with a trusted friend, family member, or even a coach. Better yet, join a community or group with similar objectives. Knowing that someone is rooting for you—or counting on you—can keep you motivated during tough moments. 4. Reframe Setbacks as Learning Opportunities Setbacks are inevitable, but they don’t have to derail your progress. Instead of viewing a missed workout or a bad day as failure, see it as a chance to learn. What triggered the setback? How can you adjust your approach to prevent it in the future? Remember, growth isn’t linear—it’s a journey filled with ups and downs. 5. Celebrate Small Wins Big goals take time, so it’s important to recognize and celebrate progress along the way. Did you stick to your exercise routine for two weeks? Treat yourself to something meaningful, like new workout gear. Celebrating small milestones helps reinforce positive behavior and keeps you motivated for the long haul. 6. Focus on the Process, Not Just the Outcome Instead of fixating on the end goal, shift your mindset to enjoy the journey. For example, if your goal is to write a book, celebrate the act of writing every day rather than stressing about completing the manuscript. When you focus on the process, progress feels more achievable, and the outcome will naturally follow. 7. Leverage Technology and Tools Apps and tools can help you stay organized and motivated. Habit trackers, fitness apps, and budgeting tools make it easier to monitor progress and stay accountable. Life happens, and sometimes your resolutions need to evolve. Check in with yourself weekly or monthly to assess progress. Are your goals still realistic? Do you need to adjust your timeline or strategy? Being flexible ensures that your resolutions remain relevant and achievable. ________________________________________ With these strategies, you can break free from the Quitters Day trap and turn your resolutions into lasting change. The key is to approach your goals with patience, self-compassion, and a focus on progress rather than perfection. Change doesn’t happen overnight, but with consistent effort, you’ll be surprised at what you can accomplish.
Budgeting and dieting are two of the most common self-improvement goals people set for themselves. Both aim to bring about positive changes—whether it's financial stability or better health. However, many find that sticking to a budget is just as challenging as sticking to a diet. Here’s why: 1. Restrictive Nature Both budgeting and dieting often start with a restrictive mindset. Just as a diet might cut out all your favorite foods, a budget might eliminate all your discretionary spending. This restriction can lead to feelings of deprivation, making it harder to stick to the plan. Over time, the temptation to "cheat" becomes stronger, whether it's indulging in a dessert or splurging on an unplanned purchase. 2. Unrealistic Expectations Many people set themselves up for failure by setting unrealistic goals. In dieting, this might mean expecting to lose a significant amount of weight in a short period. In budgeting, it could mean expecting to save a large portion of income without considering necessary expenses. When these high expectations aren't met, it can lead to discouragement and abandonment of the plan altogether. 3. Lack of Flexibility Life is unpredictable, and both diets and budgets need to be flexible to accommodate unexpected changes. A rigid diet plan doesn't account for social events or cravings, just as a strict budget doesn't account for emergencies or spontaneous opportunities. Flexibility is key to maintaining long-term success in both areas. 4. Emotional Factors Emotions play a significant role in both eating and spending habits. Stress, boredom, and happiness can all trigger overeating or overspending. Without addressing the underlying emotional triggers, it's challenging to maintain a diet or budget. Emotional awareness and coping strategies are essential for long-term success. 5. Short-Term vs. Long-Term Mindset Both dieting and budgeting often focus on short-term results rather than long-term sustainability. Crash diets and extreme budgeting can lead to quick results, but they are rarely sustainable. A more balanced approach that focuses on gradual, consistent changes is more likely to lead to lasting success. 6. Lack of Support Having a support system can make a significant difference in achieving goals. Just as people might join a weight loss group or hire a personal trainer, having a financial advisor or joining a budgeting community can provide the encouragement and accountability needed to stay on track. Making It Work To make both budgeting and dieting work, consider the following tips: • Set Realistic Goals: Aim for gradual progress rather than drastic changes. • Allow Flexibility: Build in some room for treats and unexpected expenses. • Address Emotional Triggers: Be mindful of how emotions affect your habits and develop healthy coping mechanisms. • Seek Support: Surround yourself with people who encourage and support your goals. • Focus on Long-Term Changes: Develop habits that you can maintain for life, rather than quick fixes. By understanding the similarities between budgeting and dieting, you can approach both with a more balanced and sustainable mindset. Remember, it's about progress, not perfection. Watch our Think With A Drink episode for ways to be better at handling your expenses: The Dreaded B Word
7 Smart Shopping Tips for Black Friday
Completing these financial tasks before year-end can help set you up for financial success in the New Year.
This is a subtitle for your new post
And You're Not Alone!
The S&P 500 returned 26.34% last year
Now It Looks Like No Landing At All...
When a (jobs) report doesn't tell the whole story...
The stock market is so bright that you're gonna need to wear shades...
