Advice on Making a Will
A will is a legal document where you leave instructions on what is to be done with your financial and property assets after you die. A will is important because without one, the state will determine what is done with your assets. Creating a will can be as simple as writing it out by hand or involved enough to require the services of a lawyer.
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Contents
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You will want to include at least three basic components in your will. First, you will need to name your beneficiaries. These are the people who will receive your assets, such as family members or charitable organizations. Next, you will want to name the legal guardian of minor children, ages 18 and younger, to be executed upon the death of you and your spouse. Last, your will should name an executor. This is the person you nominate to collect and manage your assets and who will distribute them to your beneficiaries. This job can be quite involved, so nominate someone you know well and trust, or retain the services of a lawyer to execute your will. Keep in mind that a will does not cover everything. Things like retirement plans, living trusts and life insurance will not be covered by this document.
Types
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There is some variation from state to state, but generally there are three approaches you can take when creating a will. If you have a simple will and want to save money, write it by hand, which is called a "holographic" will. However, this is not legal in all states, so check with a lawyer in the state in which you live. Many states have a statutory will, which is a sort of fill-in-the-blank form for smaller estates. You can also get templates to help you write out a will on the Internet. A legal will is prepared by a lawyer, who also may serve as the executor. If you have a large estate with complicated tax issues, legal assistance is probably worth it. In most cases you will need witnesses to sign your will, and having it notarized will help insure validation when it is executed.
Considerations
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Remember that a will is a document meant to carry out the instructions of an individual regarding his or her estate. You should not combine wills with another person. A living will is a special document you have to prepare if you want to leave specific instructions concerning what you want done in the event you become permanently unconscious or terminally ill. Also, keep in mind that a will can be changed and is something you might want to review on regular basis, especially if your assets undergo any type of change.
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