Everyone needs a will
A
will is a legal document that sets forth your wishes regarding the distribution
of your property and the care of your minor children in the event of your death.
If
you’ve got minor children, a will dictates who will become their guardian. If
you own a business, a will allows for the smooth transition of the control or
sale of your business. If you’ve got any assets at all, a will handles their
distribution. Without a will, a court will make these decisions for you.
But
even if you don’t have property, children, or a business, a will appoints a
person (formerly called an “executor” but now more often called an
“administrator”) to manage your estate. This person makes sure your wishes are
carried out, which prevents confusion and chaos that can cause your survivors
additional pain.
Can I do it myself?
I am
a lawyer, so of course I’m going to say that in most cases, you should get a
lawyer to draft this important document and to help you make key decisions. You
can buy do-it-yourself kits, and some of these are better than no will at all,
but each person’s situation is different. An experienced professional can
advise you on your particular needs, while a will kit or online service is more
generic.
Wills for your spouse and
parents
It’s
not enough for you to have a will. If you are an heir or a beneficiary to
someone else (your spouse and parents), make sure that those people have got
valid wills, too. When you’re dealing with grief and making funeral
arrangements, the presence of an iron-clad will prevents additional strife from
family disputes over money. Key point: To avoid claims that you influenced your
parents’ decisions, do not advise them on their wills and encourage them to
visit their own lawyer to have their wills drafted. If you’re married, your
lawyer will draft wills for both you and your spouse, but be sure to update
your will if you get divorced.
Don’t forget other
end-of-life documents
While
you’re drafting your will, be sure to include an advance directive, a document
that instructs health care providers on how to care for you should you become
incapacitated and unable to communicate your wishes. (A living will is a type
of advance directive.) In this document, you’ll appoint a trusted close friend
or family member to be your health care proxy, and you’ll give this person
durable power of attorney to make health care decisions for you if you are
incapacitated. You’ll also describe which end-of-life measures you want and
don’t want (hydration, a feeding tube, resuscitation) and under what
circumstances. This is a good place to declare yourself an organ and tissue
donor, even if you’ve already done that on your driver’s license.
Life insurance
Make
sure your life insurance is up-to-date (you’re insured for the right amount,
and your beneficiary is who you currently choose). Give your heirs and
beneficiaries a copy of the cover page with the name of the company and the
policy number visible so they can collect on the policy in the event of your
death.
Funeral instructions
Do
not include this in your will or other end-of-life documents. Most family
members don’t look at the deceased’s will until days or weeks later, and then
it’s too late. If you have a preference about your funeral or the disposition
of your body, tell your loved ones in writing now. If you’re an organ donor,
tell them that, too—even if it’s in your advance directive and on your driver’s
license.
Approximately
two-thirds of Americans do not have wills, but wills and other documents are a
key part of financial well-being. If you’ve ever been involved in a dispute due
to a lack of a valid will, you already know why. Take responsibility for your
end-of-life planning while you’re still able to do it comfortably.
