Wednesday, July 24, 2019

It's time to draft your will


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.






No comments:

Post a Comment