- Wills, like many
important legal documents, are shrouded in mystery but are
also given a mistrustful image. The fact is, wills are a
practical way to assure that your posthumous wishes are
carried out with dignity and efficiency. Any adult can and
should prepare a will as a record of how they want
their personal property and financial effects to be shared
after their death. Such orders are not just for the
wealthy; middle class Americans commonly use wills to
avoid having the court dictate family property.
As a written confirmation of your wishes, wills are a
protection for your family. Without a will and next of
kin, your property may actually be seized by the state and
liquidated. Courts are also left the power to decide where
your children live if no guardian is specified in a will,
which usually results in government foster care. To be
effective, your will needs to include several important
things. Your name and address as well as those of your
children and other beneficiaries assure that the court can
locate your heirs in a timely manner. The same information
needs to be included for an executor, the person who makes
sure the will is adhered, and an alternate, in case they
cannot be found.
- A will should include
information about the future of your children and
yourself. Be sure to specify a guardian who is willing and
able to care for your children in your place and an
alternate who is equally compassionate. This legal
document should also dictate what your surviving relatives
do with your remains. This eases some of the pain that
comes with a family passing. Finally, the will needs to be
recognized as an official record. You must sign the will
as well as two witnesses, stating that it is a genuine
copy. The will needs to be notarized by a licensed notary,
which should be available in your area.
- Once you've written a
will, you need to update it to keep pace with your
changing life. If you marry, have a child or move to a
different state, consider modifying your will to include
those changes. Usually when wills are updated, an entire
new will is written and the old copy must be destroyed
entirely. If you're satisfied with your will, keep it in a
fireproof box (available at most hardware stores) and not
a lockbox or safe that the state will seal after your
death. Inform your next of kin where the will is, so they
can locate quickly.
Be sure to talk to a tax attorney about the financial
future of your estate. Your property may fall under state
and federal inheritance taxes depending on its value. Ask
your attorney about establishing trusts, giving gifts or
purchasing life insurance to minimize the effect of estate
taxes.
- Living wills are
separate documents from wills because they specify your
wishes in the event that you are in a coma or mentally
unable to make basic decisions about your future. Be sure
to discuss this with family members to make sure they
understand your position and provide your doctors with
signed copies of this will. Health care power of attorneys
or health care proxies are documents which specify your
living wishes about medical care. This document authorizes
a trusted person to make medical decisions for your and
becomes effective only when you are unable to do this
yourself. Talk to your family about your medical wishes
before drafting a health care proxy.
In the event that you can no longer make financial
decisions for yourself, a financial durable power of
attorney is a very useful tool. This designates someone to
act on your financial behalf and make the right decisions.
It may be difficult to plan for the future, but it is
quite necessary. Consider your loved ones and remember
that wills are a protection of your personal property when
you are unable to oversee it. By writing a will, you can
put your family at ease by making your wishes clear.
