Before You Die
by Most people regard the drawing up of a will a morbid subject and leave it off until the last possible moment. However, you are going to die one day and these 10 tips make planning your will a little easier.
10 Tips to consider when drawing up a will.
1) If you are married, what does the law governing the marriage say about your estate? In a community of property marriage, half your estate belongs to your spouse in any event and so isn’t yours to dispose of.
2) Do you have children? If so, who will look after them in the event that you and you partner die together? Have you spoken to the proposed guardians? If so, list it in your will – the court takes the parent’s wishes into consideration.
3) Are any conditions you’re imposing legally or morally ambiguous? Such conditions can be overturned by the court. For example, insisting that your daughter divorce her husband if she is to inherit.
4) Do you have any special bequests? – Aunt Sally to get my engagement ring.
5) Are the names of your beneficiaries 100% correct?
6) Do you wish to include a living will? – ie: what people should do if you’re on life support and can’t make the decision for yourself. Here though, make sure that your family knows your wishes – the will is usually only read after death.
7) Are the instructions set out in plain language – don’t get too clever when drawing up a will. The simpler the instructions, the easier it will be for them to be carried out.
8) Where will the will be kept? It is a good idea to consider keeping it with your bank or attorney – this makes it easy for your executor to find it and also keeps it safe from tampering.
9) Who is going to execute your will? Does that person know the legalities involved? Can you trust that person? Do you really want your nearest and dearest to have to bear that responsibility?
10) Who is going to witness the will? The witnesses cannot be beneficiaries as well.
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