Whether you’re in your 20s or your 60s, it’s important to have a last will and testament. Get over the silly superstition that writing out a will brings on death, especially if you’re married or have children. Keep in mind that if you were to die without a written will, the government would decide how to distribute your wealth. They will probably not distribute it as you would have liked.
Writing a will is not difficult. But it is best to use the help of a lawyer as each state has its own rules for these legal documents. If you fail to write the will correctly, it can be deemed invalid. Then the State will distribute your property as it sees fit. But before you jaunt down to your lawyer’s office to draft your last will and testament, here are some things to consider:
Who is your executor?
The executor of your will is the person who will make sure your wishes are carried out. The duties of an executor of a will include filing legal documents, managing the payment of your debts and any financial accounts. This needs to be someone you can trust to get things done the way you wanted them. If you’re married, this will most likely be your spouse. However, you can elect multiple executors. That allows for you to name your spouse and your lawyer. This provides your spouse with the legal help they’ll need to navigate life after your death. In order to be an executor of a will, a person needs to be at least 21 years of age at the time of the writing of the will and of sound mind.
Who will be your children’s guardian?
Should you die before your children are over the age of 18, you’ll need to have someone in mind to take over legal guardianship of your children. This will most likely be your spouse. But it’s smart to have an alternate legal guardian listed in the event that both you and your spouse die. This can be a very difficult choice, but it is an important one. When choosing a legal guardian, you need to take a few things into consideration:
Once again, the legal requirements for a guardian is that they be over the age of 21 and be of sound mind.
Special Bequests
If you have a particular item that you would like to give to a specific person, you’ll need to make a special bequest in your will to ensure that they receive it. Most commonly, family heirlooms, collectibles and rare items are given to family and friends through special bequests. You can’t trust that your family will remember that you always wanted your brother to get your baseball card collection should you die. So don’t trust your family’s memory or their good will. If you want someone to have something special, it’s important that you record it in your will.
Pecuniary Bequest
If you’d like to leave a certain amount of money to an individual, charitable organization or your poodle, Fufu, you will do that in a pecuniary bequest. This is a great way to make sure that a charitable organization gets a donation, or that your brother has the money to start up his business. There are no legal restrictions on who – or what – can be on the receiving end of a pecuniary bequest. You can pretty much do whatever you want.
What to do with the residue
After special bequests and pecuniary bequests, what’s left of your estate is called the residue. Depending on your bequests, it’s possible that most, or almost none, of your estate will be left. However, what you decide to do with the residue is entirely your choice. You can leave it to your spouse, to be donated to an organization or charity, or to be split amongst children or siblings.
Writing a Living Will
During the drawing up of a will, you can also create a living will and/or a healthcare proxy. A living will states your wishes for the kind of healthcare you do or don’t want under certain circumstances. If you do not wish to be resuscitated or be hooked up to life support, this is where you can state those wishes.
A healthcare proxy is someone who, in the event you are unable, can make healthcare decisions for you. This will most likely be a spouse, but it can be anyone you trust. Be sure to discuss your wishes with your proxy.
While writing a will can be a sad and morbid task, it’s necessary if you don’t want the state deciding who gets what. Especially if they are deciding who gets custody of your children. Having a last will and testament drawn up by a lawyer does not take a lot of time or money. It is a good guarantee that after you pass, things will be done as you wanted them.
