The Importance of Writing a Will
The loss of a loved one is hard. There is the funeral, and then the aftermath. Regardless of how close knit the family, or the size of the estate involved, a will eases the problems for those left behind. Dying without a will, legally called “intestate,” means that your estate may be tied up for years while a probate judge decides exactly who gets what and when. Of course, your loved ones debtors will be lining up for the first cut of whatever there is to be had, and in many cases, the estate itself is just not enough to cover all of these bills.
Until the probate is finalized, certain expenses may still be accumulating. Until the house is legally able to be sold, for instance, taxes and other related costs, will still be assessed.
Of course, it is always best to consult an attorney that specializes in estate planning to write your will, but there are online forms that are easy to use. Laws vary from state to state, so make sure you confirm whether a self made will is legal in your area.
A will makes sure that the right person gets the items that you want them to have, and can accomplish other tasks as well. For instance, a will can give voice to your preference for your children’s guardian, as well as making your final wishes known. A carefully executed will can eliminate or at least reduce the chance that a family member will contest all or part of it, which can cause even more hardship for those who are left behind.
You can handwrite you will, which does not need to be witnessed. It needs to be legible, and clearly in your own handwriting. Any typed portions will mean that the will does need to be signed by at least two witnesses. Even couples should have individual wills, as situations change and wills do not change along with them.
If there have been many big life changes, then a will should be reviewed and revised, or rewritten as needed.
The birth of a child, or the addition of a son or daughter-in-law might mean that you want your estate to be split differently. Consider personal items as well, for example, if there is something that you want a dear friend to have, but do not want to actually give it up during your life, then add that to the will or those wishes may not be complied with.
Your life insurance policies, 401k’s and other funds can be distributed to whoever you chose. If there is not a designation however, they will become part of your estate. If you do not have a spouse or registered life partner, the estate will pass to your children or other family members. But, before your spouse, children or other family can reap the benefits of your estate, it will pass through probate which can be lengthy and nerve wracking.
Family in-fighting and resentment can make matters even worse. Writing a clear will, that covers your belongings, and any wishes that you want to express is important to save your estate, and to keep things as civil as possible.
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