Nobody said that writing your own will is fun, in fact, most seniors prefer to write and be done with it and not bother to update it until last minute, if they ever get one – and sometimes they don’t, so it leaves their surviving families in a lot of confusion and potentially, heartaches.
On many counts, drafting and writing your own will is a hard job. Not only it is somewhat acknowledging your inevitable death but actually planning for it. However, if you are pushing 80 then might as well admit it and save your loved-ones the confusion of going over your estate and battling out what they think is rightfully theirs. Below are some basic information all seniors should know about wills and how they should be done:
* What is a will? A will is a legal document that will be executed in the event of your death. Your will should contain your wishes on how your estate should be managed when you pass away. Big or small, everything you own should be mentioned in your will along with specific instructions on how it should be managed. Be sure to name an executor – the one that will oversee your will, guardians – if there are kids involved and beneficiaries – the people who will inherit your estate.
* Do I need a lawyer for this? Ideally, yes since a lawyer can guide you on how to properly draft your will and make sure your will will be executed smoothly and without any legal problem whatsoever. However, your will is still valid even without a lawyer as long as its content is legal.
* What happens if I don’t prepare a will before I die? The state will determine who gets who, prioritizing your next-of-kin. The state will also appoint an administrator. In some cases, it will be necessary for your loved-ones to file claims and let the state sort things out. With that said, you would know that this could get ugly and even nasty.
* Do I have to notarize it? In some states, yes so please do check otherwise your effort might go to waste.
* Do I need a witness? How many? Yes, you need to have at least two and they shouldn’t be your will’s beneficiaries. Your lawyer cannot be your witness as well especially if he or she drafted the will.
* Does my will need updating? Yes, of course. Keep in mind that in every major event in your life, you need to update your will so that you avoid complications later on.
