Write Your Will Right Now

July 9th, 2008  |  Published in Estate Planning  |  1 Comment

If you don’t have a Last Will and Testament, head over to ILRG Legal Forms Archive’s Estate Planning section and fill out one of their templates. I just went to their Last Will and Testament (Married Adult with No Children) template, chose my state, and filled one out. You’ll have to read the law regarding Last Will and Testaments for your state to make it official but by having this document, signed with Witnesses, you at least have something. Right now, you have nothing. There is nothing that indicates what you’d like done in the event of something bad happening.

This isn’t something you should do instead of drafting an official Last Will and Testament, with the assistance of an attorney, it’s just something quick you can do now while you hem and haw about actually getting it done. 🙂

Last Will and Testament Advice: Have One!

June 25th, 2008  |  Published in Estate Planning  |  7 Comments

It’s never too early and never too late to draft a Last Will and Testament, if you don’t have one… get one! When it comes to Wills, you can make it as complicated or as simple as you needs require. It can be as simple as bequeathing all your worldly belongings or as complicated as adding provisions, requirements, etc. If you’ve been putting off having one written because you’ve been afraid of its complexity, don’t be!

Your Last Will and Testament carry the force of law and will rarely be overturned by a judge unless:

  • It violates the law.
  • Was written under duress or incompetence.

Executor

This is probably one of the biggest reasons why you want to have a Will. If you do not name an Executor of your estate, then the laws of the state will govern and the court will appoint an administrator. Having an Executor can simplify many problems (though it can introduce new ones) but is far superior than a third party administrator divvying up your belongings.

Bequeathing

This part names the heirs, what they are to receive, and clears up all confusion. If there are no named heirs and no direction as to how things are to be disbursed, then it goes to state law which may or may not match what you believe. Sometimes the living spouse doesn’t get everything if there are children, sometimes the children get nothing if there is a spouse, the law of the state prevails.

Having a will clears up confusion, has the potential to prevent a significant amount of in-fighting, and generally makes life a lot easier for your family. While it forces you to face your own mortality, it’s certainly better than leaving your family in disarray after you are gone.