How to Begin Preparing Your Will

Summary

How to Begin Preparing Your Will

If there is a topic Americans almost universally refuse to discuss it is their own death. And that is hardly surprising, as a morbid conversation regarding the inevitably of human mortality is not exactly the ideal cocktail party icebreaker.

That mindset helps explains why three out of five Americans over age 45 have not written a will that clearly states how their estate and financial affairs should be handled once they’ve passed on. That’s a serious mistake, as the lack of a will can make things very difficult for your heirs, involving them in legal entanglements that could have easily been avoided. Here are some important factors to consider as you approach the process of making your will.

Who’s Who: Your first step is to determine who will draw up the will. With the wealth of information available online, more and more people are opting for the do-it-yourself option through such websites as Legalzoom. Bear in mind, however, that wills are legal documents, and so it’s never a bad idea to consult a professional to ensure your wishes are correctly communicated and conform to state and federal laws. If possible, hire an attorney who specializes in estate planning.

Can I Get A Witness: No matter which strategy you choose, bear in mind will you need to find someone to witness the will. Laws vary from state to state regarding who can and cannot be a witness; in some cases, witnesses cannot be heirs, for example. Consulting with an estate planning attorney will help you sidestep this potential minefield.

Select Your Exec: The executor or personal representative is the person you choose to administer your estate, so you will want to weigh your options carefully. You can opt for a friend or family member or choose a corporate executor, such as an attorney or bank. With the position comes a certain degree of responsibility and power over the estate, so make sure to include in the will any material that sets limits on the executor.

Instruction Manual: Your will should include specific instructions for the distribution of your estate, including detailed lists of unique items and instructions for selling or otherwise liquidating your assets. Increasingly, people are including a separate letter of instruction which further outlines their wishes but doesn’t require a public filing. This is for personal reasons and to create more intimate communication with loved ones during a difficult time.
Communicate Freely: It might seem awkward to have these conversations but talking through your estate plan with your loved ones as early as you can will save a lot of heartache. For example, a conversation might reveal that your choice for grandma’s china doesn’t want the burden, but another family member would be overjoyed to inherit it.
Keep It Current: Life is about change, so your will needs to keep pace. You may not want your assets going to the spouse you just divorced, for example. Be sure to review your will every few years or whenever you have a significant life change.
___________________________________
______________________________________________
At Harmony Communities, we feel strongly that each resident has a sense of home. That they come home from work and feel pride in their environment and in their place in the greater community. That families are comfortable raising children in our neighborhoods, and that couples and singles know that they belong to something bigger than their four walls. In other words, we seek to create harmony within each community, making our communities not just passable, but peaceful, safe, functional, and beautiful