Do
you have a will? Between half and two-thirds of adults don’t.
Do you need one? Only if you answer yes to any of the questions below:
1. Do you care who gets your property if you die?
2. Do you care who gets your money if you die?
3. Do you care who is appointed guardian of your minor children if you die?
Who needs a will?
Wills are not just for the rich.
Regardless of how much or how little money you have, a will ensures that
whatever personal belongings and assets you do have will go to family
or beneficiaries you designate. Without a will, the court makes these
decisions.
If you have children, a will is a must,
to ensure that you get to choose your children’s guardian. Few people
plan to die in the near future, but if you die suddenly without a will,
you’ll be subjecting your family and loved ones to confusion and anxiety
at what is already a difficult time.
There are other benefits to having a will, including tax benefits.
Do you need a lawyer?
For most people, a will is easy to
produce and can be prepared using legal software such as Quicken
Willmaker Plus, which also helps you create a Living Will, Living Trust,
Bypass Trust, Financial Power of Attorney and other legal forms. If you
have a more complicated estate, or you’re not comfortable using
software for the more complicated documents, consult a lawyer.
How do you get started?
At a minimum, a will should do the
following: appoint a guardian if you have minor children, appoint an
executor to administer your will when you die, and spell out
specifically how you want your property distributed.
The first step in deciding how you want your property distributed is gathering information. You’ll need the following:
Names, addresses, and birth dates for you, your spouse, your children, proposed guardians, and executor of your estate.
Amounts of all debts, including mortgages, car loans, student loans, business loans, and credit card accounts.
Copies of existing wills, trusts,
divorce decrees, prenuptial agreements and any other legal documents
that might affect a will.
A list of assets, including detailed information about the following:
Real estate
Savings (bank accounts, CDs, money markets)
Investments (stocks, bonds, mutual funds, CDs)
Life insurance policies
Pension/retirement accounts
Life insurance policies and annuities
Ownership interest in a business
Cars, boats, planes and other vehicles
Jewellery
Collectibles
Artwork
Antiques
Furniture
Other personal property
If you decide to do it yourself using
software like Willmaker, sit down in front of your computer with all of
the above information and in a few hours you can produce a will that is
legal in your state. Be sure to follow the software’s instructions on
having your will signed and witnessed. If you feel more comfortable
having a lawyer do it, you’ll need to take the above information with
you to your appointment.
The best of wills won’t be any good if
nobody knows how to find it. Make sure your family members and your
executor know where your will is kept.
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