This just sounded yum to me. Had to share.
1 part DeKuyper Peppermint Schnapps
1 part Starbucks Cream Liqueur
5 parts hot coffee
Serve in an Irish coffee mug and top with whipped cream.
This recipe and more fun drinks can be found on 4cocktails.com.
A will is one of the most important documents you can prepare to protect your heirs. Establishing a sound plan of distribution of assets to insure the safe and appropriate upbringing of your children and other dependents is critical.
Many people overlook this simple document laboring under the misapprehension that they aren't going to die. Who wants to think about dying? The unfortunate fact is that we all do, and none of us control the moment when it happens.
A will is a document in which you instruct your executor as to the disposition of your assets. The executor is the individual/or corporation responsible to you, your heirs, and the probate court, for doing the things that you have set out in your will.
Typically one spouse will make provisions for the surviving spouse and then, in the event that the surviving spouse passes on prior to the children reaching a designated age, provisions will be made for the children or other dependents.
Given the limitless variety of family situations, and wishes of the person making the will (the testator), wills can contain a multitude of instructions to the executor. Your imagination is the only confining factor - as long as you stay within the law. This is why it is so important to have an attorney help you with your will. One should seek out an attorney that specializes in wills. Attorneys that work in real estate, corporate law, torts, etc. frequently don't have the experience to guide you in the very touchy area of getting done what you want to do with the estate you are building for your family.
The will is the way you make sure what you want done is done!
What happens if I don't make a will?
If you fail to create a will, the laws of the state you live in will take over. The state will distribute your assets as the law provides, not pursuant to your personal wishes. This is pretty frightening stuff. When a couple has children, many state laws will split an estate in half when the first spouse passes on. The first half of the estate will go to the surviving spouse; the second half will pass to the surviving children. That means if the children are minors, court controlled guardianships will have to be set up. The assets in these guardianships will be governed by the laws of the state in which you live, not necessarily the way you want them handled. Not a very happy prospect.
Another advantage of making a will is that you will be able to select a guardian for your minor children. This individual will be responsible for raising your kids when you are gone. This is an important decision and should be made with care. Don't pick someone that is likely to pass-on before you do. Select an individual that has the same goals, hopes, and values that you do - someone your kids know and trust. The ideal (that will never be reached) is to replace yourself!
It is important to note that assets with a named beneficiary such as insurance, 401(k) plans and all forms of joint ownership are not governed by your will. They pass by virtue of the ownership registration in the case of joint property, or as you have directed by selecting the beneficiary with regard to any property that has a named beneficiary. This is an important factor in developing your estate plan as these forms of ownership take priority over your will. Many people have established very involved wills, and have registered all their property in joint name. The will, in this case, does nothing at all. Only assets in your name alone will be governed by your will. The problem with joint ownership is that, in the event of simultaneous death of the joint owners, you are back in the hands of the state laws. It is not uncommon for spouses to travel together and, unfortunately, perish in the same accident.
Federal and state estate or succession tax saving at one time was a prime motivator in the creation of a will. Of recent, this factor has taken on decreased importance as a result of legislation which allows any amount of estate to pass between spouses with no Federal Estate Tax. Current legislation for 2006, 2007, and 2008 allows an estate of up to $2 million to pass to any beneficiary before any Federal Estate Tax is assessed. All qualified charitable bequests are nontaxable.
We'll talk about what a trust is and how it can help in the next issue of "Poms' Planning Points. If you have a planning issue that you need help with, please write: pomsplanningpoints@mommieswithwstyle.com .