Only around one third of US adults report having a will. Image: Burdun Iliya/Shutterstock.com
By: John Grobe“Where there’s a will, there’s a way.” According to Merriam-Webster®, this idiom means that “…if someone has the desire and determination to do something, they can find a method for accomplishing it.”
Though this phrase goes back to the 1600’s and is attributed to George Herbert, it has nothing to do with the type of will you run into in estate planning. Where (or when) there’s a will, it means nothing as to who might inherit your Thrift Savings Plan.
A general rule in estate planning is that wishes expressed in wills and trusts are superseded by beneficiary designations. And, in the TSP, the wishes you have expressed as to who should inherit your TSP account rule supreme.
If you don’t know whether you have designated a TSP beneficiary, go to your Thrift Savings Plan account, and see if a beneficiary is listed. A couple of years ago, when the TSP “modernized” their computer system, many beneficiaries who had been previously listed on Forms TSP-3, were dropped.
Go to the website and make sure that you know who your TSP beneficiary is and, if there’s a disconnect between your wishes and what shows up in your account, take steps to correct it.
Getting back to wills and estate plans, a recent article in USA Today says that only 32 percent of U. S. adults reported having a will and among adults over the age of 55, only 43 percent had wills.
What was the biggest reason cited for not having a will, trust, or other estate planning document? Procrastination. “I’ll get around to it” is a valid excuse if you really are able to get around to it before you die. The problem is that none of us know when we will die.
Tomorrow is promised to no one. Set aside some time in the near future to review your estate plan (assuming you have one). Then do what you need to do to be sure that your wishes will be followed when it comes to the distribution of your assets after your death. Your family will thank you.
If you die without a will – dying intestate – the rest of your estate is distributed according to the laws of your state.
Typically, your closest relatives will be prioritized, such as your spouse and children; if you have none, then your parents, siblings, and more distant relatives may be next in line.
This process can be lengthy and may result in disputes among family members, potentially causing emotional stress and financial strain.
Also, in the absence of a will the court appoints a guardian for any minor children – again, is that what you want? Best to get something drafted.
John Grobe, President of Federal Career Experts, is an expert in the area of federal employee retirement and benefits. This expertise comes from his 26 year federal career in which he managed the retirement program in a 3,500-employee office of a large federal agency.
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