Wills

Many people procrastinate when it comes to creating a will. Find out more about wills, when to
While most people are aware of the importance of a legal will, most of us do not have one and put off getting one written for a variety of reasons.

You may not want to think about the end of your life, but the reason for writing a legal will is to protect those you leave behind by outlining your wishes about the distribution of your personal possessions and assets.

What a Legal Will Covers

“Because a will is such an important legal document, it should be written with care and ensure compliance with your state’s laws,” says Phyllis J. Erlich, an estate and elder law attorney at the firm of Frank, Frank, and Scherr in Lutherville, Md.

A legal will expresses your wishes for the distribution of your assets and property and names those that you want to inherit your assets, such as pieces of furniture, jewelry, land, bank accounts, or stocks. A legal will also specifies who will be the legal guardian of your children, if they are minors, and who will be the executor of your estate and oversee the handling of your will.

Should You Write Your Own Legal Will?
“Generally speaking, if your estate is not at all complex, you have no real estate or valuable property and no minor children, you can probably write a will that will be accepted by the probate court, with the assistance of an online company, a book from the library, or special software for wills,” says Erlich. However, if your estate is complex, you own your own home, own stocks or other investments, and/or have children who are minors, it is probably best that you consult with an estate attorney who is familiar with your state’s laws.

How to Write a Will and What to Include

Here is a sampling of what’s included in a legal will:

Distribution of assets. “A will includes instructions on how to administer and disperse your estate upon your death,” says Erlich. It also names the person who will be the executor, or personal representative of your estate, if you chose one to oversee how your estate is handled.
Children. If you have minor children, your legal will also designates who will be their guardians(s). If you do not have a will when you pass away, the state will decide who becomes the guardian of your children, and what happens to your property, personal possessions, and investments.

Probate. Wills usually go through what is called probate court, which can be quite slow and expensive. If your estate is very large (worth more than $1 million), then you should probably consult an estate attorney to help minimize the financial impact on your beneficiaries, who may be subject to huge taxes and probate fees (probate courts alone charge 3 to 7 percent of the amount of the total estate). “By planning ahead, you can save your loved ones a lot of heartache and expense,” Erlich says.

Investments and retirement assets. If you have investments, retirement accounts, and bank accounts, you may want to consider avoiding probate court by filling out forms called TOD (transfer on death) and POD (pay on death), Erlich says: “The TOD is applicable to stocks, investment, and retirement accounts. You can get the TOD form from whomever you invest with and designate whom you would like to inherit a particular account. For bank accounts, the form is the POD, and again, you can get the form from your bank and designate who you would like to inherit your account. With these two forms you can avoid probate.”

A Living Will: Your Voice When You Can’t Speak

When it comes to your desires for medical care, another legal document is needed. “This document specifically describes what you want if you are no longer able to decide for yourself. It is often called an Advance Directive and includes a health care power of attorney and a living will,” says Erlich.

It is advisable to have an Advance Directive in place at any age, because you never know when an accident or illness could strike. Because this document states your intentions, your loved ones won’t be put in the position of trying to speak for you or guess your wishes when it comes to issues like resuscitation and being put on life support. The Advance Directive is a legal document that, should you become incapacitated, allows you to specify the kind of medical treatment you want or don’t want, names a person you designate to make your health care decisions for you, and specifies your end-of-life wishes.

How to Write a Will Online

There are numerous do-it-yourself kits you can purchase as software, and you can also educate yourself about and prepare your own will with the help of several Internet sites, including:

Be aware that Web sites offering assistance with writing a will include disclaimers noting that their services are not equivalent to legal counsel from an attorney.

Decide today that you are going to start the process of preparing a legal will, and give yourself a reasonable deadline, like a few months, to have the process concluded. You will save your heirs a lot of headaches by taking steps to express your wishes legally with regard to your assets as well as your health care, should you become unable to verbalize those decisions yourself.