What you should know about Writing a Will

Let's talk about what you should know about writing a Will. By: Alan Orlowsky

Writing a Will is not the most pleasant of tasks. After all, by doing so you're not only acknowledging your own inevitable demise but actively planning for it. That might explain why so many adults avoid this cornerstone of estate planning. According to an AARP survey, 41% of boomers (born 1946 - 1964) and 71% of people under the age of 34 do not have a will in place. Procrastination (34%) was cited as the largest reason, followed by feelings it is unnecessary (21%) or too expensive (21%).

The truth is creating a Will is one of the most critical things you can do for your loved ones. Putting your wishes on paper helps your heirs avoid unnecessary hassles, and gain the peace of mind knowing that a life's worth of possessions will end up in the right hands. A Will is an important way to stay in control over who gets what of your property and by planning in advance you can also save your family time and money.

So What should you know about Writing a Will? Well let's talk about it.

What is a will?

A will is a simply a legal document in which you, the Testator, declare who will manage your estate after your death. Your Estate can consist of everything from bigger items such as property, to smaller sentimental valued items such as family photographs. The person named in the will to manage your estate is called the Executor, because he or she executes your stated wishes. A will can also serve to declare who you wish to become the guardian for any minor children or dependents. Within a will, you can specify everything from Sister Liz will be responsible for the children and the house, or Aunt Sally gets the silver, Cousin Megan the china, and so on. Someone designated to receive any of your property is called a "Beneficiary."

You should know that some types of property, including certain insurance policies and retirement accounts, generally aren't covered by wills. You should always list beneficiaries when you open these accounts. Check to make sure these are up to date, since what you have on file when you die should dictate who receives those assets.

What Happens if I die without a will?

If you were to die without a valid will, you'll become what's called Intestate. This means your estate will be settled based on the laws of your state that outline who inherits what. Probate, is the legal process of transferring the property of a deceased person to the rightful heirs. If no executor has been names, a judge appoints an administrator to serve in that capacity. This can also happen is a Will is deemed invalid. All wills must meet certain standards, such as being witnessed, to be legally valid. Again, requirements vary from state to state. What you should know is if a will is not in place, the administrator will most likely be a stranger to you and your family, and that person will be bound by the Probate laws of your state. As such, an administrator may make decisions that wouldn't necessarily agree with your wishes or those of your heirs.

Do I need an attorney to prepare my will?

You should always have an attorney assist you with any legal document. In most cases you are not required to hire a Lawyer to prepare your will, but the biggest reason you should is an experienced Attorney can prove valuable advice on your estate planning strategy such as Living Trusts. 
Do-it-yourself kits are widely available, or if you write your own will on the back of a napkin as long as you meet the legal requirement of your state it will be valid. If you don't know your state laws, it is important you seek an attorney for additional knowledge. A good tip is while you are working on your will, you should think about preparing other essential estate planning documents to ensure your wished are carried out while you're still alive.

Should my spouse and I have a joint will or separate wills?

Estate planner almost universally advise against joint wills, and some states do not even recognize joint wills. Odds are you and your spouse won't die at the same time, and there can be property that's not jointly held. Separate Wills make more sense, even though your will and your spouse's will might end up looking remarkably similar. In particular, separate wills allow for each spouse to address issues such as ex-spouses and children from previous relationships. Ditto for property that was obtained during a previous marriage. Be very clear about who gets what. Probate laws generally favor the current spouse.

In summary, it is important a will is in place, and more importantly it is critical it is done correctly, and abides by the state laws.

If you or a loved one needs any help writing a will or have questions, please feel free to contact Alan Orlowsky by calling 847-325-5559. Or visit our website at http://www.orlowskywilson.com.