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Britt Erica Tunick is an award winning financial journalist who has spent the past 17 years writing about virtually every aspect of finance. She has mastered the art of boiling down complicated financial topics for readers to understand. |
Taking the time to properly write and execute a will ensures your assets will be distributed according to your final wishes, whether you do it yourself, or hire an attorney. Why Now Is the Perfect Time to Write Your Will By Britt Erica Tunick There are few things less enjoyable than thinking about your own mortality, so it is no surprise that many people find excuses to put off the one task that makes doing so unavoidable: writing a will. But, as the COVID-19 pandemic has made all too clear, life is fleeting, and a person’s life can end long before they ever imagined. Given that oh-so-happy reality, if you haven’t already done so, now is the perfect time to write a will —regardless of what type of assets you have accrued. In its simplest form, a will is nothing more than a set of instructions for what you would like to happen to your possessions and assets once you are no longer around. And, while having this document drawn up by an experienced attorney is always the best option, it is far from the only option for executing a will. Believe it or not, all it takes to write a perfectly valid will is a set of clear instructions written out on a document that you have signed and dated, and which is signed and dated by two witnesses as well. If you live in the United States, you do not need to have this document notarized, nor is it necessary to file it with the government of the state where you reside. Nonetheless, the more official you make your will the better, so if you choose to go the do-it-yourself route, make sure to check out the requirements within your home state. Most states require a will to be “proved” and the witnesses must testify that they witnessed it being signed. To avoid this step, and not worry whether the witnesses can be located to testify, a “self-proving affidavit” is usually attached to a signed will, and this document does need to be notarized. Writing a will is not just the responsible thing to do, it is the smart thing to do—particularly if you have children or family members who depend on you. If you die without a will in place, your assets will be passed on based on the intestate succession rules of the state where you reside, meaning the state will ultimately determine who gets what, and not necessarily in accordance with your actual wishes. While the assets of a married person automatically go to their spouse in the majority of states, it isn’t a requirement. So if you are married and want to leave the bulk of your assets to a spouse, but would also like to leave specific assets or possessions to other family members, friends, or even charitable organizations, having a will in place is the only way to ensure your wishes are ultimately carried out. Of course, if that is your plan, you will also want to make sure your spouse is aware of this ahead of time to avoid any unpleasant surprises once you are no longer around. While hiring an attorney is typically an expensive proposition, in most states you can find an attorney to handle your will for around $300, assuming your holdings are fairly straight-forward. If you prefer the DIY route, there are countless online options to assist you—from software specifically designed for the creation of wills, to blanket forms where you can simply fill in the details of your own personal holdings. If, however, you have sizeable assets or anything that isn’t plain vanilla, such as a trust or family partnership, the cost of involving a lawyer in drafting your will may be worthwhile, particularly since any missteps could leave your heirs with significant inheritance taxes, depending on where you live at the time of your death. |
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