Step 4 of Suze Orman’s 9 Steps to Financial Freedom is ‘being responsible to those you love.’ This chapter is really long (almost a hundred pages) so I broke it down into 3 parts. The first part is Wills and Trust.
I have always maintained the idea I had no need for a will or trust. I mean when your bank balance is only $36.00 there isn’t a lot to allocate. But part of being responsible – which Ms. Orman doesn’t mention – is having more than that. Now, I’m not of the mindset that I need to leave my kids millions although that would be cool. I would like us to have a least bronze years – golden is still a possibility.
While I read the part of wills and trust and their stories I related to none of it. I don’t have a $300,000 house or young children, one of my grown children isn’t after my $36.00 dollars, so why do I need a will or a trust? Is the question I kept asking myself though this entire section. I mean, my husband and I have set up that if one of us dies the $36.00 transfers over to the living one and if we both die the $36.00 is divided between our children.
Sadly, from my reading we are in need of neither a will nor trust, but how what if I want one? What if being responsible to those I love means I have money to leave them?
As I’ve started this journey, for the first time in my life…I have wanted to control my money. Odd, it’s not like I want to lose 30 pounds (which I do) and eat a bag of M&M’s. I’ve really become aware of what I spend and much more controlled in the spending. For the first EVER we have a saving’s account with money in it to the amount we can look at investing it!!!!
The last couple of weeks I have really also started focusing on ways to earn extra money. Of course, my writing is one avenue. I’m looking to other things as well.
So while I have no need to for a trust at this point in my life…my goal…is that I will need one – soon.
For those who are wondering ‘do I need a will or trust?’ here are some guidelines: I found them much clearer than Ms. Orman who assumed I had 3 million of assets…not yet 
http://wills.about.com/od/fiveessentialdocuments/a/rlts.htm
Also there about a million books available on this subject. While, I determined at this point in my life a trust isn’t necessary from Ms. Orman’s examples I also was reminded if you do have more than $36.00 you need one.
