A will is probably one of the last things that someone wants to sit down and write. It really is not an easy task. How do you put your life onto paper? How do you decide who will take care of your children when you are gone? None of these are easy decisions, but it is better to take care of the specifics while you can and not leave any issues unanswered.
Why do you need a will?
A will makes sure that all of your property goes to the people that you want it to…this includes everything from your home, to your expensive jewelry, to everything as small as a book that was important to you or someone in your life. According to bankrate.com, 7 out of 10 Americans die without having composed a will. Although some people don’t feel they have enough to put into a will, writing one makes things run more smoothly for those you leave behind.
When does a will take effect?
A will only takes action upon your death. This means that you are able to change and revise your will as you please up until you are gone. Many people make sure to revise their will (or at least look at it) as often as they feel the need (maybe once a year) just to make sure nothing drastic needs to be changed.
According to an article on TheStreet.com about Writing Your Will, the person writing the will must be of “sound mind” and free of “undue influence.” This means that nobody can force you to put anything in your will that you don’t want to by threatening you. TheStreet article also states that your will must name all of the beneficiaries (those who will receive property or money) in your will and be signed by two witnesses who are not beneficiaries.
What will happen with the will?
When you are gone, in your will you will have appointed an executor of your will who will be responsible in making sure everything is carried out the correct way. The person you choose (lawyer, friend, etc.) should know that they are the executor and understand all of their responsibilities.
What about your children?
In the will, if your children are still minors you must make sure to find a legal guardian for them that you know and trust. This is one of the most important reason people write wills – to make sure their children will be okay.
A will is not something you want to put off until further into the future. If you have a house, money in savings and children, it is important that these all go to the people that are important to you in case anything does happen. Although a will is not something you will enjoy writing, it will give you peace of mind knowing that it is written.
Photo: Álvaro Daniel González Lamarque - Montevideo, Uruguay
July 3rd, 2008 at 8:55 am
Funny. I started a document to this end just yesterday. My wife did too.
One thing that we’ve seen left out is ceremony. While many friends and family may know your religious/non-religious views, they may not know how or what you want. Do you want a wake, a funeral? Should you be cremated, buried naturally, in a casket? Do you prefer donations to an organization Vs. flowers? Do you have a specific piece of text you wish to have read to everyone?
New topics to consider - Do you own a domain name - who will renew it? What about your passwords? How should callers be greeted when they call your cell phone if they get your voice mail?
It’s funny to me that we concern ourselves with the tangible and leave out the process. This is the last opportunity we have to remind everyone who we are/were. One of the wildest ideas I’ve heard is from my brother in law was to give everyone that attends his funeral a T-shirt that says “I came to name’s funeral and all I got was this lousy t-shirt.” Silly to most, but specific to the individual.
Thanks for the post Hannah.
July 3rd, 2008 at 10:04 am
In response to Gary, I totally agree with you. Theres a lot of things probably not covered in the will.
Theres a site which I just heard about (www.senterna.com) which allows you to leave gifts to your family in the form of videos, audio and photos etc.
What I’d do is record a video of all the things I wanted people to know, such as “oh yeh: mum - I know it was you who broke my tv!” and play it to them when im gone. That site allows you to do that.
If you have domains, passwords bank numbers, etc. you can also note them down there in a piece of text and reveal each sensitive item to the specific person(s) that would need it.
Thats what I’m doing. On top of that I think I’ll also make everyone wear that t-shirt too! I thought it was an awesome idea!
August 5th, 2008 at 3:15 pm
[...] • Last Will and Testament – This one is a MUST HAVE. You do not want to die without a will. In your will you state where you want all of your assets (money, home, etc.) to go. In the case that you have children, it also provides them with a legal guardian so that you do not have to worry about who they will be with when you are gone. Check out this other Geezeo article about the Importance of Your Will. [...]