Some dos and don’ts regarding wills
Sometimes we don’t think we have enough assets to have a will. Well, rethink that and make your will.
There are many ways in which people have assets that they are not really aware of. You may have stocks, bonds, insurance policies, 401K or Roth IRA, savings accounts and property or personal belongings of value.
Here are some do’s and don’ts about wills:
Do write a will. When listing out the items you have it can become obvious that you have a moderate wealth to share.
Do hire a lawyer to write your will. If married, make one for your spouse. You can write a will yourself. However, if you make just one error it may prove your will to be worthless. Each state has its own laws governing wills. Your lawyer knows what your state will consider a valid document.
Do have witnesses. The majority of states do not accept wills or trusts that have not been attested to by witnesses. Note, your beneficiary should not be a witness; the will may be legal, but the beneficiary could lose his or her legacy. Again your lawyer can advise you on such an issue.
Do review your will periodically. Yearly is best since each year may bring new tax law issues and/or other significant changes within the family.
Do revise your will. When you move you may move from a common-law state to a community-state or vise versa. The move can create changes that you do not want.
Do use percentages rather than dollar values. Assets have been known to deplete or increase, so stating an exact dollar value on one and not another benefactor can change the actual ratio of your original bequeath. An example is all my assets go to my wife after each of my two children’s share of $10,000. This may seem fair, but what if your assets are depleted to only $20,000. The wife would have nothing. A percentage would give all three a share.
Don’t put your will in a safe-deposit box. Some states require that a safe-deposit box be sealed when the holder dies, this can and does tie up the will. Also some banks declare a safe-deposit box inactive or abandoned if there isn’t any activity for a specified period of time. This means your will is now being held by the state as unclaimed property.
Don’t have just one copy. Make several copies to be held by trusted people. Natural disasters, like hurricane Katrina, can destroy the papers. Make sure they receive the updated copies when there is an update.
Don’t put it off. Many people do not want to think of their own demise, but it does happen. Protect your loved ones and ensure your own wishes are met by taking time to make the will.
Are you aware of someone that has gone and not left a will? If you are an heir, you could be entitled to their unclaimed property. To find out more click here.
