Legal Questions? / Legal Answers!
It's Time To Write Your Will
"A Will is a Legal Document that lists
where and to whom, your assets will go to.
If you pass away without a will, the State
you reside in, may decide who gets what from
your belongings. Usually, if you leave a
spouse or children behind without a will,
the assets are split between them. If your
single without children or spouse, your state
probably will decide who will inherit your
estate."
So you don't own a house, have really nothing
of value and wonder why you would even need
a will. Well, besides being able to leave
"personal" belongs to specific
people, you no doubt have a checking account,
a vehicle, perhaps tools or jewelry. For
parents, who believe they have nothing of
value to leave. That would be a wrong assumption.
You have kids that will need to be placed
with someone you have previously asked and
trust. In your will, you can designate a
guardian to care for your children.
If you and your spouse both passed away without
a will being done, the state court and social
services department might appoint someone
to raise your children. I believe they would
try to contact family members first if possible,
but even that is not a sure thing. Even if
you believe you have no property or belongings
worth leaving to your children, it is still
worth making out a will. This will ensure
you get to choose their guardian or parents,
in the event of your death. You can also
assign a property guardian or "trustee"
to manage any money or property you left
for your children. At least until they reach
adulthood. You can appoint one person to
act as both personal and property guardian,
or choose two people to carry out each role.
Make Out Your Will For Free!
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There are several requirements for making
your will a legal document. It should be
typed or computer generated to ensure it
can be read correctly. Some states do allow
hand written wills. Your will should state
that it is YOUR will and it must be dated
and signed by you. You must sign your will
in the presence of at least two witnesses
(three in some states, such as Vermont) and
your witnesses must also sign. A legal will
does not have to be notarized (except in
Louisiana), nor does it have to be recorded
or registered with any government agency.
There may be times in your life when you
may need to change or amend your will. A
new marriage, new assets, a change in health
are some examples. You can change or amend
your will at any time. In fact, it's a good
idea to review it periodically.
It's important to know the difference between
Beneficiary and Executor of a will. Especially if you have a pension,
life insurance policies, health Insurance
accounts or 401K.
It is also important to know that a Will
is NOT a living will. A living will is actually
an advance medical directive which tells
those that need to know, what kind of life-sustaining
medical intervention you may want... or not
want. This directive is usually in the event
that you become terminally ill and unable
to communicate.
If you would like to comment feel free to
e-mail me at
smtracy8@gmail.com
My Final Thought...
"I'm aware that this is a subject not a lot
of people want to take the time to explore.
Most think they have all the time in the
world, yet we all know ...that is not the
case. In our lives, we have had to deal with
our own personal responsibilities and this
last one, is the most important one. If everything
is spelled out, there may be no disagreements
between your family members or friends. Knowing
what you are going to do with yourself and
your property after your gone, allows your
family to morn you, not fight over you.
One more important thing... Make sure someone knows where your will
is.Tell your spouse, partner, or executor
where it is located or kept. If it cannot
be found, that might cause delays and undue
stress for your love ones. I hope you have
looked at the Family Death - What You Need To Know link. They should help you with making out
your will."
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