Proper Will Power

"If you have a minor child, if you are married, even if you're not married, you should have a will." That's according to Estate Attorney Jeremy Lantz. These days, it's easier than ever.

Thinking about death is something most of us like to avoid. But, what would happen to the belongings you've worked so hard for should something happen to you? If you haven't made a will yet, think about what could happen if you don't have one.

State law will determine what happens to your property.

>>Your property will be distributed to your spouse or children.

>>If do not have a spouse or children, your property will go to other relatives according to a formula.

>>If no relatives are found, your hard-earned estate will go to the government.

In the absence of a will, a court will determine who will care for your children and the property, if the other parent is unavailable or unfit.

So, if you want your assets divided the way you want, making a will should not be left until your golden years. In fact, experts say anyone over the age of 18 should have one. The only limitation is that you must be of sound mind to create a valid will.

Who Gets What

The main purpose of a will is to determine who will be the recipient of your estate. The majority of a person's assets are usually left to their spouse or children. But when drawing up your will, you can also include other relatives, special friends and charities close to your heart. The recipients of these bequests are called your direct primary beneficiaries. You may also want to appoint alternate beneficiaries in case your first choices pass away before you.

A will goes beyond money and property. It's also important to put in writing instructions on who will take care of your children until they reach 18, should you pass away. If your children's other parent survives your death, he or she usually serves as the guardian. But, you should make other plans in case that person dies before you or is, for some other reason, incapable of taking on the responsibility.

Making it Legal. The Dos and Don'ts

So, now you're ready to sit down and make a will. But, how do you make it legal? You must follow certain guidelines, but they're not as difficult as you may think.

>>A will should be typed. A handwritten will is valid in some states but is not recommended.

>>Wills don't have to be notarized.

But, to make the process easier for your loved ones after your death, you and a witness may want to sign an affidavit in front of a notary proving the validity of your will. By doing this, your witness may avoid going to court after your passing.

>>A will doesn't have to be filed with a court or government agency.

However, it will have to be filed in probate after you die. That includes proving in court that the will is valid, having the property appraised, paying debts and taxes, and distributing the property as the will dictates.

Storing Your Will

Your will needs to be kept somewhere it can be found easily when the time comes. Once the will is written, make sure you tell the executor where you've put it. The executor is the person you've appointed to see that your wishes are carried out. Put your will in a clearly marked envelope. Place that envelope in a fireproof metal box, file cabinet, or home safe. You may also want to put a copy in a safe deposit box. Keep in mind, banks are generally closed on holidays and weekends and a safe deposit box may be sealed after death.

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